Suchergebnisse

Uzbekistan has achieved sustained growth through its gradual transition to a market based economy through cautious economic policy reforms. Despite its gradual approach to development challenges, the country experienced the smallest output decline among former Soviet economies and enjoyed high rates of economic growth from 2004 to 2015, largely driven by the high prices of its major export commodities. However, the drop in the global prices of many key commodities in recent years have severely impacted Uzbekistan's economy. Under these circumstances, the new government introduced major reforms. The pace of reform is unprecedented. The government has formulated its long-term economic strategy in its Vision 2030, which aims to double the country's gross domestic product by 2030 through a program of economic diversification. This book analyzes how Uzbekistan can boost sustainable economic growth to create more and better jobs. It considers how the country can consolidate achievements from recent policy reforms and maintain reform efforts to accelerate sustainable growth. Policy recommendations cover fostering macroeconomic stability, increasing investment in physical infrastructure, enhancing human capital, improving firms' access to finance, and lowering barriers to international trade and foreign investment inflows.

This study examines the role of government pay rates in economic growth. A trend decline in government pay rates, expressed relative to what an economy can afford, is identified in many developing countries. The decline is attributed to the erosion of economic rents. Drawing on the theoretical insights of the Harris- Todaro two sector model, the study argues that static and dynamic benefits from the erosion of rents would lead to a negative relationship between government pay rates and economic growth. Utilizing the pooled regression models as well as the feasible two-stage generalized method of moments estimator, the study concludes that relative government pay rates are negatively related with economic growth in developing countries; hence, high government pay rates penalize economic growth. Countries that retain high government pay rates are identified.

Cover -- Title -- Copyright -- Contents -- Tables, Figures, and Boxes -- Preface -- Acknowledgments -- Author Profiles -- Abbreviations -- Map and Fast Facts -- 1. The Kazakhstan Economy: Achievements, Prospects, and Policy Challenges -- 1.1 Growth, Inequality, and Environmental Dynamics -- 1.2 The National Wealth Fund -- 1.3 Real Exchange Rate Movements and the Inflation Target -- 1.4 The Dutch Disease -- 1.5 Diversification of the Economy -- 1.6 Transcending the Middle-Income Challenge -- 1.7 Country Diagnostic Study for Kazakhstan -- References -- 2. Policies to Unlock Kazakhstan's Agricultural Potential -- 2.1 Kazakhstan's Policy Framework for Agriculture -- 2.2 Kazakhstan's Agricultural Performance -- 2.3 Kazakhstan's Agricultural Development Challenges -- 2.4 Policy Options to Unlock Agricultural Potential -- 2.5 Conclusions -- References -- Appendix 1: Methods for Measuring Technical Efficiency of Agricultural Producers in Kazakhstan using Stochastic Frontier Production Functions for Panel Data -- Appendix 2: Summary Statistics of Variables Used in Technical Efficiency Analysis -- 3. Kazakhstan's Manufacturing Potential -- 3.1 Kazakhstan's Industrial Programs: An Overview -- 3.2 Kazakhstan's Manufacturing Sector -- 3.3 Why Does Kazakhstan Need to Diversify Its Economy? -- 3.4 Potential Benefits of Diversification -- 3.5 Kazakhstan's Performance in Diversifying Its Manufacturing Sector, 1995-2015 -- 3.6 Product Space Analysis -- 3.7 Identifying High-Potential Export Products in Kazakhstan -- 3.8 Elements of Successful Manufacturing Development: Lessons and Insights from Other Countries -- 3.9 Policy Priorities for Manufacturing Development in Kazakhstan -- References -- Appendix 1: Kazakhstan's Exported Goods with Revealed Comparative Advantage > 1, in 2015.

AbstractThis report examines exporters' challenges and possible solutions for public intervention to promote foreign trade. Based on fieldwork conducted in Georgia, we explore which policy approaches can help to stimulate Georgian exports further. Our outcomes show that exporters face substantial barriers such as navigating complex trade regulations, lack of knowledge about target markets, trade finance gaps, as well as new export promotion programs (EPPs) in competitor countries. Other upper‐middle‐income countries can learn from our results that exporters can significantly benefit from a comprehensive export promotion strategy combined with an ecosystem‐based "team" approach. EPPs related to awareness and capacity building in Georgia should be part of this strategy, focusing on challenges such as a lack of knowledge about trade practices and international business skills. Other EPPs must help to mitigate related market failures, as information gathering is costly, and firms have no incentive to share this information with competitors. Furthermore, targeted marketing support and customer matchmaking can answer Georgian exporters' challenges, such as lack of market access and low sector visibility. Our results also show that public intervention through financial support and risk mitigation is essential for firms with an international orientation. The high‐quality, rich outcomes provide significant value for other upper‐middle‐income countries by exploring the example of Georgia's contemporary circumstances in an in‐depth manner based on extensive interviews and document analysis. Limitations include that our work primarily relies on qualitative data and further research could involve a quantitative study with a diverse range of sectors.