UCA Hosts Presentation of the 2024 World Development Report
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 obstacles to economic growth for the middle-income nations. These challenges include 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, prioritising the energy transition through investments in renewable energy, emission reductions, and energy efficiency.
In his opening remarks, Prof. Christopher Gerry, Rector of UCA emphasised the region’s progress and the challenges ahead: "Central Asia has made significant strides in economic development. As the nations of the region 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."
