BAKU, Azerbaijan, November 23
By Nargiz Sadikhova - Trend:
The COVID-19 pandemic has hit every country hard, and Kazakhstan is no exception, Anna Bjerde, World Bank Vice President for Europe and Central Asia told The Astana Times, Trend reports.
In fact, Bjerde noted, the pandemic has caused the worst economic contraction in Kazakhstan in 25 years, and it is still impacting the pace of recovery.
“Earlier this fall, the World Bank updated its economic projections, and the update shows that Kazakhstan’s economy recovered faster than we had forecast in the spring. We now predict Kazakhstan’s GDP to expand by 3.5 percent in 2021 and by 3.7 percent in 2022. Moving forward, what matters are timely policies that can boost growth and ensure a sustainable, green, and inclusive growth trajectory,” Bjerde said.
First, Bjerde added, Kazakhstan needs to continue to focus on expanding the COVID-19 vaccination rate. The current rate of 40 percent is a good basis for reaching higher levels.
“We know from other countries that around this rate of vaccination, many countries run into hesitancy among the population, and increases in the vaccination rate become more difficult. The way we see it, widespread vaccination is critical to sustained economic activity and is a necessary step for businesses and schools to remain open,” Bjerde said.
In her words, another important area for Kazakhstan to focus on is transitioning to a greener economy.
“In a country like Kazakhstan that relies on fossil fuels, a green transition is complex and challenging. However, the announced 2060 target date for carbon neutrality and increased use of renewable energy are instrumental in this effort, and what is needed now are clear actions, sequence and time plans for the transition,” Bjerde said.
She noted that WB urges that people be at the center of these efforts, especially when it comes to phasing out coal.
“This is what we call a “just transition” whereby all of society participates, including government, the private sector, local communities, academia, and civil society and careful attention is paid to new sources of growth and jobs for people affected. The green transition offers new opportunities including jobs and services which will contribute to economic recovery,” she added.
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