The coronavirus disease (COVID-19) pandemic and subsequent economic crisis have brought unprecedented challenges for countries in the Central Asia Regional Economic Cooperation (CAREC) region, which extends from Azerbaijan to the People’s Republic of China and is an increasingly important channel for international trade and energy resources. The road to recovery may be even more daunting, yet some economic trends suggest the potential for the recovery process to positively influence socioeconomic development in CAREC countries in the coming years.
COVID-19 and Economic Recovery Potential in the CAREC Region is the first of a new annual book by the CAREC Institute, published with the Asian Development Bank Institute. It explores ways to unlock sustainable and inclusive growth opportunities in CAREC countries by analyzing innovations in digital transformation, e-taxation, financial technology promotion, and debt sustainability, and the impact on small businesses and households. The book’s insights provide a springboard for crisis response efforts across CAREC countries aimed at accelerating economic recovery.
- Summary by Shakhboz Akhmedov, Dina Azhgaliyeva, and Qaisar Abbas
- Introduction: Global Trends and Post-COVID-19 Recovery in the CAREC Region by Richard Pomfret
- Part I: Digital CAREC and Post-COVID-19 Economic Recovery
- 1. Digital Transformation and COVID-19 in the CAREC Region: Computational General Equilibrium Model by Muhammad Zeshan
- 2. E-Commerce Taxation in Central Asia: The Current State and Opportunities for Reform by Nikolai Milogolov
- 3. Financial Inclusion in the CAREC Region: Promoting Fintech to Meet Underserved Needs in Trade Finance by Minsoo Lee, Raymond Gaspar, Ghulam Samad, and Qaisar Abbas
- Part II: Economic Dynamics and the COVID-19 Pandemic
- 4. Debt and Debt Sustainability in the CAREC Region by Naseem Faraz, Ghulam Samad, and Qaisar Abbas
- 5. Impact of COVID-19 on Small and Medium-Sized Enterprises in Central Asia: Coping Strategies, Government Responses, and Policy Options by Falendra Kumar Sudan
- 6. What Determines the Adaptation of Enterprises to COVID-19 in CAREC Member Countries? Empirical Evidence from Azerbaijan, Georgia, Kazakhstan, and Mongolia by Dastan Aseinov, Burulcha Sulaimanova, Kamalbek Karymshakov, and Dina Azhgaliyeva
- Part III: COVID-19 Impacts on Human Development
- 7. Impacts of COVID-19 on Households in CAREC Countries by Dina Azhgaliyeva, Ranjeeta Mishra, Long Q. Trinh, and Peter Morgan
- 8. The Impact of COVID-19 on the Sustainable Development of Central Asian Cities: The Case of Informal Kabul by Madina Junussova and Saniya Soltybayeva
- 9. Household Energy Consumption Behaviors During the COVID-19 Pandemic in Mongolia by Dina Azhgaliyeva, Ranjeeta Mishra, and Kamalbek Karymshakov