Expert group meeting on structural economic transformation in North and Central Asia
Economic growth in North and Central Asia has slowed in recent years owing in part to falling commodity prices and their narrowly-based and relatively small domestic economies. Further growth will require broadening and diversifying of their economy through continued structural economic transformation, identified as Priority 5 of the Vienna Programme of Action for Landlocked Developing Countries for the Decade 2014-2024.
In 2018, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) facilitated discussion on structural economic transformation during the Economic Forum of the United Nations Special Programme for the Economies of Central Asia (SPECA). As a result, the Economic Forum recognized that “acceleration of structural economic transformation is a fundamental condition to implement the 2030 Agenda for Sustainable Development and increasing shared prosperity” and called upon ESCAP to provide support to the efforts of the SPECA participating countries in accelerating structural economic transformation.
ESCAP, in response, is developing a holistic framework in line with Sustainable Development Goals to support further structural economic transformation so that countries of North and Central Asia are able to benefit from better access to consumer markets through improved connectivity, spurred by ongoing regional integration processes such as the Eurasian Economic Union.
Experts will review a draft publication on structural economic transformation. The publication will develop the holistic framework on, assess the current state of, and propose policy recommendations for enhancing transformation through achieving the Sustainable Development Goals relating to (a) financing for development, (b) human capital accumulation and development and (c) infrastructure development and trade facilitation.