Kazakhstan
in Transition As Central Asian Economy Turns Corner
After
difficult times following the break-up of the Soviet Union, Central Asia is turning
the corner and many countries are recording strong economic growth. Kazakhstan,
the largest economy with half the region’s gross domestic product, is spurring
Central Asian growth as a center for investment and job creation. Fashionably
dressed women and new construction in the capital of Almaty testify to a new mood
of optimism although many jobless and vulnerable people, especially the elderly,
are still suffering from a decline in employment and social services, including
pensions. The
Asian Development Bank and its partners are supporting a Central Asia Regional
Economic Cooperation (CAREC) Program that will further boost growth. Focusing
so far on regional initiatives in transport, trade facilitation, trade policy
and energy, CAREC will hold a Ministerial-level meeting in Bishkek, Kyrgyz Republic,
in November to review a comprehensive plan of action covering the period till
2008. ADB's CAREC partners include the World Bank, European Bank for Reconstruction
and Development, International Monetary Fund, United Nations Development Programme,
and Islamic Development Bank. Each
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