Growth Generally Slowed Somewhat in 2022 Compared to 2021
CAREC Institute
We promote economic cooperation in Central Asia and along the Silk Road through knowledge generation and sharing.
The year 2022 saw some slowdown in real GDP growth compared to 2021, but growth was generally significantly higher than forecast. Average CAREC real GDP growth reached 5.8% yoy in 2022, slightly down from 6.2% yoy in 2021 (see the Figure and Table; the table shows the average without Afghanistan to keep growth rates comparable despite missing data for Afghanistan in for 2022 and 2023). CAREC economies with higher growth rates in 2022 than in 2021 were the Kyrgyz Republic, Mongolia, and Pakistan; growth in Turkmenistan was unchanged; the other CAREC economies grew somewhat less in 2022 than in 2021. The PRC’s growth rate decelerated from 8.4% yoy in 2021 to 3.0% yoy in 2022, mainly impacted by the PRC’s zero-COVID-policy, which was relaxed only by end-2022. With exception of the PRC and Pakistan, actual 2022 growth rates were higher than what International Financial Institutions (IFIs) such as the ADB, IMF, and WB had forecast (see the Table).?
Figure. Real GDP growth (%, yoy)
Table. Real GDP growth (%, yoy)