A number of large natural resource projects could lead to economic growth in Central Asia, according to the European Bank for Reconstruction and Development.
The European Bank for Reconstruction and Development recently released a new Regional Economic Prospects report that detailed the effect of new natural resource deposits in Kazakhstan and Turkmenistan, which is expected to boost output growth in the first two to three quarters of 2014, according to Azer News.
Kyrgyzstan and Turkmenistan are expected to see a deceleration in their growth due to weaker demand and remittances flows from Russia.
Large natural resource exploration projects are expected to stay on track and to make a sizeable contribution to growth over the medium term, according to the report.
"In Kazakhstan, GDP growth slowed from 7.5 percent in 2011 to around 5 percent in 2012 owing to the more difficult external environment. Growth then picked up to 5.7 percent in the first three quarters of 2013 on the back of resilient investment. It is expected to remain around this level in 2013, supported by an expansion of oil output," the report said, Azer News reports.
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