Walls and Windmills
Walls and Windmills
Economic Development in Central Asia
This chapter examines recent developments in the socioeconomic situation in the five Central Asian states of the former Soviet Union, with a particular focus on the relations of these countries with China. Over the last decade, the Central Asian countries have seized geo-economic opportunities presented by their proximity to China, drastically expanding their trade with the country. However, the remarkable growth of the Central Asian economies has largely been driven by the surging global demand and price of commodities. Central Asian exports are dominated by few primary commodities, and their industries show little sign of diversification and sophistication. Thus, the highly skewed structure of the Central Asian economies makes them vulnerable to volatility in the commodity markets and may hinder their future economic development.
Keywords: Central Asian states, Soviet Union, China, Central Asian economies, commodity markets
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