{
  "title": "Finding a Path to the Higher Plain of Inclusive Growth",
  "publication": "IMF News, May 16, 2019",
  "sourceUrl": "https://www.imf.org/en/news/articles/2019/05/15/sp051619-lagarde-kazakhstan-finding-a-path-to-the-higher-plain-of-inclusive-growth",
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  "summary": "Kazakhstan and Central Asia can raise living standards, fuel economic growth and provide new chances for millions across the region. We can draw inspiration from Kazakh proverb: “Kazakh hearts are like the steppes—wide, kind, and generous.”",
  "authors": [
    "Christine Lagarde Astana Economic Forum"
  ],
  "publishDate": "2019-05-16",
  "sections": [
    {
      "heading": "Introduction and context",
      "content": "- Occasion: Opening Remarks at Astana Economic Forum — Nur-Sultan, Kazakhstan.\n- Speaker: Christine Lagarde.\n- Date: May 16, 2019.\n- Theme: Elevating living standards and achieving inclusive, sustainable growth across Kazakhstan and the Caucasus and Central Asia (CCA)."
    },
    {
      "heading": "The outlook: global and regional",
      "content": "- Global context:\n  - \"Two years ago, 75 percent of the global economy experienced an upswing.\"\n  - \"This year, we expect 70 percent to experience a slowdown in growth.\"1\n  - Loss of momentum in the second half of 2018 reflected trade tensions and tightening financial conditions.\n  - Expectation: \"over the next six months, we expect the global economy to rebound.\"\n- Regional growth:\n  - \"Throughout the Caucasus and Central Asia (CCA), growth has picked up since 2014 and is now expected to remain at 4.1 percent this year and in 2020.\"\n  - Assessment: 4.1 percent is \"well below the long-term potential for the region\" and too low to raise living standards to levels of other emerging economies in Europe and Asia.\n- Implication: The region must \"elevate growth to a higher plain\" through careful and confident steps, domestic policy reform, diversification, and stronger international cooperation."
    },
    {
      "heading": "Path to inclusive growth — principles and priorities",
      "content": "- Key principles (no \"one-size-fits-all\" solution):\n  - Fiscal policy:\n    - Should \"balance debt concerns with critical initiatives in health, education, and infrastructure.\"\n    - IMF support through technical assistance and capacity development programs.\n  - Anti-corruption:\n    - \"Corruption needs to be addressed head-on in the region.\"\n    - 2019 characterized as \"an opportune moment to provide increased transparency and foster more trust between citizens and the government.\"\n  - Empowering under-represented groups:\n    - \"Women and other under-represented groups can be empowered by continuing to eliminate legal and economic barriers.\"\n    - Kazakhstan female labor force participation: 65%2 — \"the highest in the region and a benchmark for every country in Central Asia.\"\n  - Financial sector inclusion and fintech:\n    - \"Just 45 percent of adults in CCA countries have a banking account — almost 20 percent lower than the average in other emerging markets.\"\n    - \"Only 3 percent of citizens have mobile money accounts3.\"\n    - Conclusion: These figures indicate \"an incredible untapped resource\" that can support diversification away from oil and gas and be \"environmentally sustainable.\"\n    - Opportunity: If Central Asia harnesses fintech as other emerging economies have done, \"the potential gains for the poor, women, and young people are significant.\"4\n- Regional connectivity:\n  - In 2018, \"in Central Asia, less than 10 percent of trade was conducted between countries in the region.\"\n  - Comparative benchmark: \"In the European Union, the number is over 60 percent.\"\n  - Recent developments: surge of trade on the Kazakhstan-Uzbekistan border; new roads, railways, and electricity grids coming online; announcement of a \"Silk Visa\" plan to ease travel between Central Asian nations.\n  - These initiatives can rebuild Silk Road connections and support diversification, sustainability, and inclusion."
    },
    {
      "heading": "Conclusion and call to action",
      "content": "- Inclusive growth is attainable for Kazakhstan and the region.\n- Cultural inspiration: \"Kazakh hearts are like the steppes—wide, kind, and generous.\"\n- Final message: Embracing that spirit can \"generate economic growth, raise living standards, and provide new chances for millions\" — achieving \"a higher plain.\"\n\nSpeech by Christine Lagarde — Opening Remarks, Astana Economic Forum — May 16, 2019.\n\n---\n\n\n References\n\n- Christine Lagarde\n- Republic of Kazakhstan and the IMF\n- Speeches\n- PRESS CENTER\n- New IMF research\n- April 2019 World Economic Outlook, Chapter I.\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/05/15/sp051619-lagarde-kazakhstan-finding-a-path-to-the-higher-plain-of-inclusive-growth"
    }
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    "Authors: Christine Lagarde Astana Economic Forum",
    "Published: May 16, 2019",
    "Occasion: Opening Remarks at Astana Economic Forum — Nur-Sultan, Kazakhstan.",
    "Speaker: Christine Lagarde.",
    "Date: May 16, 2019.",
    "Theme: Elevating living standards and achieving inclusive, sustainable growth across Kazakhstan and the Caucasus and Central Asia (CCA).",
    "Global context:",
    "Regional growth:",
    "Implication: The region must \"elevate growth to a higher plain\" through careful and confident steps, domestic policy reform, diversification, and stronger international cooperation.",
    "Key principles (no \"one-size-fits-all\" solution):",
    "Regional connectivity:",
    "Inclusive growth is attainable for Kazakhstan and the region.",
    "Cultural inspiration: \"Kazakh hearts are like the steppes—wide, kind, and generous.\"",
    "Final message: Embracing that spirit can \"generate economic growth, raise living standards, and provide new chances for millions\" — achieving \"a higher plain.\"",
    "[Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)",
    "[Republic of Kazakhstan and the IMF](http://www.imf.org/external/country/KAZ/index.htm)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[New IMF research](https://www.imf.org/en/Publications/Departmental-Papers-Policy-Papers/Issues/2019/05/14/Promoting-Inclusive-Growth-in-the-Caucasus-and-Central-Asia-46857)",
    "[April 2019 World Economic Outlook, Chapter I.](https://www.imf.org/en/Publications/WEO/Issues/2019/03/28/world-economic-outlook-april-2019)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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