TURNING THE CORNER: THE ECONOMIC REVIVAL OF CENTRAL ASIA

Malcolm DOWLING, Ganeshan WIGNARAJA

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Malcolm Dowling, Visiting Professor at Singapore Management University (Singapore)

Ganeshan Wignaraja, Senior Economist, Asian Development Bank (Manila, Philippines)

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1. Introduction

The Central Asian Republics (CARs) occupy a strategic position straddling East and West and have a significant development potential. In the aftermath of transition, however, the CARs witnessed a period of prolonged slow and negative growth and a rising incidence of poverty. Many factors have been put forward to explain the difficult transition experience, including the disruption in production and economic relations existing in the former Soviet Union, the collapse of aid as it was in the former Soviet Union, the nascent private sector, the lack of capital markets, the limited number of institutions required for a market economy, and the gaps in infrastructure.

Nevertheless, Central Asia seems to have turned the corner during the last few years. Economic growth, which accelerated to historically unprecedented levels, has been driven by………………

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