Exploring the competitiveness of Central Asian economies: a comparative analysis

Aida T. Yerimpasheva (), Lyazipa A. Medukhanova, Lyazipa A. Medukhanova and Lyazipa A. Medukhanova
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Aida T. Yerimpasheva: Al-Farabi Kazakh National University, Almaty, Kazakhstan
Lyazipa A. Medukhanova: Al-Farabi Kazakh National University, Almaty, Kazakhstan
Lyazipa A. Medukhanova: Al-Farabi Kazakh National University, Almaty, Kazakhstan
Lyazipa A. Medukhanova: WHZ Zwickau University of Applied Sciences, Zwickau, Germany

R-Economy, 2024, vol. 10, issue 1, 105-118

Abstract: Relevance. In Central Asia, growing economic and infrastructural challenges require urgent solutions and a shift from resource-dependent economies. Although each Central Asian country is following its own independent path, regional integration processes are crucial for enhancing competitiveness at both individual and regional levels. Research objective. The study aims to conduct a comparative analysis of the competitiveness of Central Asian economies, identifying both their weaknesses and opportunities for sustainable development in the region. Data and Methods. The study relies on both secondary qualitative and quantitative data, drawing on international research on competitiveness and methodological provisions developed by the World Economic Forum. Identical indicators from the World Bank database are analyzed for an indirect assessment of the global competitiveness of Central Asian economies. Results. The study's findings reveal varying levels of competitiveness among the economies in question. Kazakhstan and Uzbekistan, in particular, have shown progress in this sphere due to the availability of natural resources, economic reforms, investments in infrastructure, and the development of human capital. Conclusion. In order to improve the quality of life for their citizens, Central Asian countries need to enhance their competitiveness, which can be accomplished by implementing measures such as diversifying economies, strengthening institutions, and attracting investment in innovative projects.

Keywords: Central Asia; competitiveness; comparative analysis; Global Competitiveness Index; World Bank; World Economic Forum (search for similar items in EconPapers)
JEL-codes: O10 O53 P27 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:aiy:journl:v:10:y:2024:i:1:p:105-118

DOI: 10.15826/recon.2024.10.1.007

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