The economy of Central Asia is growing 40% faster than the global average, revealing investment opportunities in the heart of Eurasia, reports the press service of the Eurasian Development Bank (EDB).
The Deputy Chairman of the Board and Chief Economist of the EDB, Evgeny Vinokurov, notes that the economy of Central Asia grew on average by 4.7% annually from 2022 to 2024. "This is more than 40% faster than the world as a whole," he said.
According to the EDB's estimates, in 2024 the nominal GDP of Central Asia amounted to around $520 billion, thus surpassing the half-trillion mark.
"Central Asia has become a major and fast-growing economy. It is attractive for investment as well as a market for goods. Its transport and transit potential is of great interest. This is a large, rapidly growing, and highly significant economic region in the heart of Eurasia," concluded Vinokurov.
The statement also mentions that two years ago, the EDB published a report titled "The Economy of Central Asia: A New Perspective," in which they “sought to show the world that Central Asia is an important, interesting, and economically attractive region.”
“The last two years have confirmed our beliefs. Central Asia is a dynamic region that not only maintains resilience amid global challenges but also demonstrates impressive growth rates, outpacing many developing markets," the statement concludes.
It is worth noting that according to the World Bank, the largest economy in Central Asia is Kazakhstan, with a GDP of US$261.4 billion in 2023 (0.25% of the global economy).
Uzbekistan's GDP for this year was US$90.9 billion, Turkmenistan's – US$59.9 billion, Kyrgyzstan's – US$13.9 billion, and Tajikistan's – US$12 billion.
The Eurasian Development Bank is an international financial institution investing in Eurasia. For more than eighteen years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The EDB's charter capital totals US$7 billion. Its portfolio mainly consists of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering.
The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles. The Eurasian Development Bank has observer status in the UN General Assembly.
