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Kyrgyzstan|opinion & analysis|February 4, 2025 / 02:19 PM
2024 World Development Report presented in Bishkek

AKIPRESS.COM - The University of Central Asia (UCA) and the World Bank Office in the Kyrgyz Republic hosted the presentation of the 2024 World Development Report: The Middle-Income Trap at UCA’s office in Bishkek. The event brought together researchers, academics, and economists to discuss actionable strategies for overcoming the middle-income trap and ensuring long-term economic growth in Central Asia.

Experts from the World Bank and UCA highlighted key challenges to economic growth for the middle-income nations, including rising debt, aging populations, increasing protectionism in advanced economies, and mounting pressure to accelerate the energy transition. To address these issues, the experts outlined a three-stage strategy for achieving high-income status: investing in infrastructure and human capital, integrating advanced technologies, and fostering innovation-driven growth.

The report identified three critical areas for Central Asia’s economic advancement. First, scaling up large enterprises to drive innovation, productivity, and competitiveness. Second, enhancing talent development and social mobility to create a more skilled workforce. Finally, prioritizing the energy transition through investments in renewable energy, emission reductions, and energy efficiency.

In his opening remarks, Prof. Christopher Gerry, Rector of UCA, emphasized the region’s progress and the challenges ahead: "Central Asian nations have made significant strides in economic development. As they work toward high-income status, they must navigate multiple hurdles. It is crucial to adapt the insights from the World Bank report to our region, leveraging our strengths - a young and dynamic population, rich cultural heritage, abundant natural resources, and a growing digital economy - to drive sustainable progress."

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