The coronavirus disease (COVID-19) pandemic and subsequent economic crisis have brought unprecedented challenges for countries in the Central Asia Regional Economic Cooperation (CAREC) region, which extends from Azerbaijan to the People’s Republic of China and is an increasingly important channel for international trade and energy resources. The road to recovery may be even more daunting, yet some economic trends suggest the potential for the recovery process to positively influence socioeconomic development in CAREC countries in the coming years.
COVID-19 and Economic Recovery Potential in the CAREC Region is the first of a new annual book by the CAREC Institute, published with the Asian Development Bank Institute. It explores ways to unlock sustainable and inclusive growth opportunities in CAREC countries by analyzing innovations in digital transformation, e-taxation, financial technology promotion, and debt sustainability, and the impact on small businesses and households. The book’s insights provide a springboard for crisis response efforts across CAREC countries aimed at accelerating economic recovery.