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Exploring the competitiveness of Central Asian economies: a comparative analysis

Author

Listed:
  • 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)

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.

Suggested Citation

  • Aida T. Yerimpasheva & Lyazipa A. Medukhanova & Lyazipa A. Medukhanova & Lyazipa A. Medukhanova, 2024. "Exploring the competitiveness of Central Asian economies: a comparative analysis," R-Economy, Ural Federal University, Graduate School of Economics and Management, vol. 10(1), pages 105-118.
  • Handle: RePEc:aiy:journl:v:10:y:2024:i:1:p:105-118
    DOI: https://doi.org/10.15826/recon.2024.10.1.007
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    More about this item

    Keywords

    Central Asia; competitiveness; comparative analysis; Global Competitiveness Index; World Bank; World Economic Forum;
    All these keywords.

    JEL classification:

    • P27 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Performance and Prospects
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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