CAREC Institute’s Quarterly Economic Monitor No.13

Jul 2024; CAREC Institute

The CAREC Institute’s Quarterly Economic Monitor #13 highlights robust real GDP growth in early 2024 across the CAREC region, exceeding 2023 rates in most countries. Consumption growth, indicated by solid retail sales, and GDP growth were driven by manufacturing and services, particularly trade and information technology.

While services are more affected by crises, their long-term growth outpaces overall GDP, similar to global trends. Mining remains highly volatile, requiring more research and attention from authorities.

Despite stable commodity prices, exports slowed in early 2024. This may necessitate accelerated trade facilitation, investment attraction measures, and stronger policies to diversify exports and upgrade technologies. Attracting foreign direct investment (FDI) could support these efforts if policies ensure FDI contributes to technology transfer and enhances local production potential.

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