Experts emphasize that simply increasing the number of workers and capital investments will not yield the desired results without improving the efficiency of resource use.
The slowdown in economic growth in the region after the global financial crisis is associated with a decline in labor productivity rates. The World Bank asserts that if productivity in the countries of Europe and Central Asia had recovered at the same pace as before 2008, the region's total GDP could be 62% higher than its current level.
Experts highlight that the most productive enterprises in the region are exporters, which, despite their small share of the total number of companies, provide a significant portion of employment, investments, and added value.
“The region is at a critical juncture. By renewing reforms and focusing on improving productivity, Central Asian countries can create better quality jobs, improve the standard of living for their populations, and build a sustainable future. It is time to act,” noted Asad Alam, the World Bank's regional director for Europe and Central Asia.
