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International Economic Policymakers Advise Faster Diversification to Achieve Balanced and Inclusive Growth in Central Asia

Rethinking Bretton Woods | Thu, Nov 14, 2013

Almaty, Kazakhstan — At a recent meeting of United Nations Economic and Social Commission for Asia and the Pacific, hosted by the National Bank of Kazakhstan, organizers challenged economic experts to respond to the question: how will Asia expedite its economic transformation? Participants from the Armenia, Azerbaijan, Georgia, Kyrgyzstan, Kazakhstan, Russian Federation, Tajikistan, Turkmenistan, and Uzbekistan focused on economic transformation through modernization, education, and a move from agriculture to services. Over seventy policymakers, researchers, and economic experts assessed strategies to achieving balanced and inclusive growth across North and Central Asia.

Center of Concern’s Economist Aldo Caliari Advises Central Asia Policymakers on Strategic Paths to Economic Resilience through Diversification

Almaty, Kazakhstan—At a recent meeting of United Nations Economic and Social Commission for Asia and the Pacific, hosted by the National Bank of Kazakhstan, organizers challenged economic experts to respond to the question: how will Asia expedite its economic transformation? Participants from the Armenia, Azerbaijan, Georgia, Kyrgyzstan, Kazakhstan, Russian Federation, Tajikistan, Turkmenistan, and Uzbekistan focused on economic transformation through modernization, education, and a move from agriculture to services. Over seventy policymakers, researchers, and economic experts assessed strategies to achieving balanced and inclusive growth across North and Central Asia.

Aldo Caliari, international economist, lawyer, and Center of Concern's Director of Rethinking Bretton Woods Project says, "It is no longer possible to discuss macroeconomic resilience without assessing the degree of diversity in the economy.” Speakers concurred that recent financial crises have shown that countries that recovered faster were those with the most diversified economies.

Macroeconomic policies are not neutral to diversification," says Caliari. "There are many ways to achieve macroeconomic stability and some will be more pro-diversification than others, including the use of the real exchange rates and fiscal policies, which will create equitable job growth in industrial sectors and other non-prevalent segments of the economy."

Dialogue among economists and policymakers underlined the importance of ensuring that growth is inclusive and jobs-rich while addressing economic diversity, enhancing trade, and expanding investment linkages with other Asia-Pacific regions.

 Center of Concern’s Rethinking Bretton Woods (RBW) project was founded in 1995 to promote reforms of international financial institutions—such as the World Bank and the International Monetary Fund. Over time, its focus has evolved to promote reform of the international financial system, its rules and institutions, with the purpose of democratizing economic policy-making, achieving human rights and sustainable development.

 The project carries out advocacy-oriented research, popular education and coalition-building engaging government and intergovernmental officials, policy-makers, civil society organizations, academics, grassroots activists, social movements and the public. It works closely with partner organizations in the U.S., Europe, and all the regions of the Global South.

Since 1971, Center of Concern experts have contributed research, education, and advocacy from Catholic social tradition in order to create a world where economic, political, and cultural systems promote sustainable flourishing of the global community.