A delegation of World Bank experts, led by Andrei Mikhnev, Country Manager for Kazakhstan, visited Nazarbayev University (NU). The experts introduced the latest reports on Middle-Income Trap and Greater Heights: Growing to High Income in Europe and Central Asia, which analyze economic development trends across the region.
These reports attempt to chart a comprehensive reform path that can help middle-income countries overcome the obstacles often restricting their economic progress.
“One of the key insights from the report is that there is no force to just continue growth, especially for Kazakhstan, as it used to benefit from natural resources and natural endowments like oil mostly. I think it is not a long-term strategy. Economic diversification is becoming essential if Kazakhstan wants to move forward. Growth will also be more knowledge- and innovation-driven, requiring bold reforms,” noted Andrei Mikhnev, who also is a member of the Advisory Board of NU’s Graduate School of Public Policy.
Ivailo Izvorski, Chief Economist for ECA at the World Bank, and David Knight, Lead Economist and Program Leader for Central Asia, also spoke at the event. They raised concerns that many ECA countries, including Kazakhstan, risk falling into the “middle-income trap.” The experts presented the report’s insights and recommendations aimed at helping these nations transition to high-income status, achieving sustainable growth. The lecture concluded with a Q&A session, and attendees were able to receive copies of the reports.
