Path to high incomes in Central Asia discussed by leading economists

Deputy Chairman of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan Syrymbet Kaskeyev took part in the presentation of the World Bank’s latest report titled «The Middle-Income Trap».

According to Ivailo Izvorski Chief Economist at the World Bank for Europe and Central Asia, the key differences between middle-income and high-income countries do not lie in the volume of initial resources, but rather in the efficiency of their use. The report highlights three foundational drivers of economic growth: productive enterprises, a skilled workforce with social mobility and energy.

Responding to questions during the panel session, Mr. Kaskeyev noted that many of the report’s findings are reflected in Kazakhstan’s National Development Plan till 2029.

«In developing the National Plan, we relied on fundamental principles such as liberalization and the promotion of competition, empowering every citizen through quality education and a supportive environment, emphasizing productivity and economic complexity and preventing critical disparities in regional development. These were the strategic pillars guiding our vision for the country’s medium-term trajectory. I am pleased to see that our views align on many of the key areas of development» - said Syrymbet Kaskeyev.

The event was also attended by Tatiana Savelyeva Chair of the Committee on Finance and Budget of the Mazhilis of Parliament, Andrei Mikhnev World Bank Country Manager for Kazakhstan, Ivailo Izvorski Chief Economist for the Europe and Central Asia Region, David Knight Lead Economist for Central Asia, Kaisar Nigmetov Deputy Chairman of the Board of the Economic Research Institute JSC and other distinguished participants.