On June 5, 2017, the Nazarbayev University hosted a consultation workshop to discuss the preliminary findings of the various growth diagnostic studies conducted by the Asian Development Bank (ADB), the World Bank (WB) and the European Bank for Reconstruction and Development (EBRD).
The main objective was to discuss the key issues related to the Kazakhstan’s strategy for economic diversification and offer a set of policy options with focus on the service sector. The workshop served as knowledge platform in which various experts from the academe, government agencies and multilateral partners shared their views and opinion on the various issues and challenges of the Kazakhstan economy towards achieving more robust economic growth.
The World Bank diagnostic assessment centered on presenting the critical reform pathways needed by the country to ensure long-term growth, these include reforms on: (i) economic governance for diversification, (ii)private sector development, (iii) development of human capital and (iv) integration and connectivity. While EBRD’s diagnostic work focused on the identifying critical constraints affecting the development of the private sector in the country, and how it is linked from a sector and macro level economic perspective. The ADB’s growth diagnostic discussed on unlocking Kazakhstan’s potential by addressing structural bottlenecks that have long hindered economic diversification, which is a prerequisite for achieving broad-based and inclusive growth. The ADB also presented its initial assessments on the country’s manufacturing, oil and gas services, transport and logistics sectors, and prospective structural reforms needed to overcome respective challenges. A CGE framework for policy decision-making was also presented by the ADB during the workshop.
The workshop has provided a good opportunity for the multilateral agencies like the ADB, WB and EBRD to learn from each other, and set forth stronger collaboration and partnership with national experts and the academe in harmonizing country diagnostic work as analytical basis for future investments and policy development.