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Inflation to remain high in Central Asian region - ADB

Business Materials 31 August 2022 17:32 (UTC +04:00)
Inflation to remain high in Central Asian region - ADB
Nargiz Sadikhova
Nargiz Sadikhova
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BAKU, Azerbaijan, August 31. Asian Development Bank (ADB) expects inflation to remain high for the rest of the year in the Central Asian region, Yasmin Siddiqi, Central and West Asia Director for Environment, Natural Resources and Agriculture at ADB told Trend.

She noted that recently the Caucasus and Central Asia’s growth prospects were raised from 3.6 percent to 3.8 percent for 2022 and from 4 percent to 4.1 percent for 2023, as some economies have withstood the economic fallout from the situation in Ukraine better than expected.

She noted that agriculture in the CAREC region — and consequently food security — is acutely threatened by the impacts of climate change, including decreasing water supply and intense heatwaves.

“For example, yields for major food crops like wheat, rice, and corn have declined by up to 10 percent. On top of this, the COVID-19 pandemic and geopolitical challenges have affected supply chains and disrupted trade routes in the region, driving up food prices,” she said.

The CAREC Program is a partnership of 11 countries and development partners working together to promote sustainable development through cooperation. Launched in 2001, CAREC proactively facilitates practical, results-based regional projects and policy initiatives to accelerate economic growth and reduce poverty in the region.

CAREC’s members include Afghanistan, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Pakistan, the People’s Republic of China, Tajikistan, Turkmenistan, and Uzbekistan. ADB hosts the CAREC Secretariat.

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