The economy of Central Asia may show growth of about 5% this year and next due to Russian companies that open their business in the countries of this region, according to the European Bank for Reconstruction and Development (EBRD).
According to bank analysts, the economies of Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan and Uzbekistan will grow by an average of at least 5.2% this year. In 2024, the region’s economy will continue to grow by about 5.4% due to the relocation of enterprises from Russia to these countries and the relocation of citizens, as well as due to an increase in the export of goods from China.
“Most countries in the region have strengthened their trade cooperation with Russia, acting as intermediaries and supplying their products to the vacant place that appeared as a result of the withdrawal of international companies from the Russian market,” the document published by the EBRD says.
In addition, there has been an increase in remittances due to strong labor demand in Russia.
Source: Rosbalt
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