Growth Generally Accelerated in Q1 2024 from 2023 in the CAREC region
CAREC Institute
We promote economic cooperation in Central Asia and along the Silk Road through knowledge generation and sharing.
Most CAREC economies saw GDP growth accelerate in Q1 2024 compared with 2023 as well as compared with the average of the five years before the COVID-19 pandemic. Growth was higher in Q1 2024 than in 2023 in Azerbaijan, the PRC, the Kyrgyz Republic, Mongolia, Pakistan and Uzbekistan (see the Figure). It was higher compared to 2015-19 in all member economies with data availability except for the PRC, Pakistan and Turkmenistan. Turkmenistan’s real GDP growth rate remained unchanged at 6.3% yoy in Q1 2024 from 2023 and from 2015-19. The rather strong growth in most member economies led average CAREC real GDP growth to accelerate to 5.8% yoy in Q1 2024 from 5.2% yoy in 2023 and 4.5% yoy in 2015-19.
Figure. Real GDP growth (%, yoy)