EBRD prospects: Central Asia growth to expand in ’24

The European Bank for Reconstruction and Development (EBRD) has revised its economic outlook for Central Asia, forecasting a slight moderation in growth for the region in 2024.

The EBRD expects Central Asia’s economy will expand to 5.1 per cent in 2024, down from 5.7 per cent in 2023. This slowdown is primarily attributed to the anticipated stagnation in mining activities in Kazakhstan and Uzbekistan.

Despite the temporary dip in mining output, the EBRD remains optimistic about Central Asia’s long-term growth prospects. The region is expected to rebound in 2025, with growth forecast to reach 5.9 per cent.

Attribution: The EBRD report

Subediting: M. S. Salama