Central Asia in the Globalization Process: Comparative Analysis of Human Development and Socio-Economic Situation
7th Silk Road International Conference “Challenges and Opportunities of Sustainable Economic Development in Eurasian Countries”, 24-26 May, 2012, Tbilisi - Batumi, Georgia
8 Pages Posted: 15 Dec 2012
Date Written: 2012
Twenty years have been left behind after the collapse of Soviet Union (SU) and independence of Central Asian Countries. Globalization accelerated worldwide in terms of socio-economic and political improvements and generated crucial outcomes. Neo-liberal approach has established positive perception about globalization; economic development will get better, poverty, unemployment and inequalities will be decreased. However, global financial crisis, increasing poverty and inequalities start to make this approach to lose its meaning. Furthermore, especially during last ten years socio-economic problems have deepened globally. Central Asian countries (Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan, Tajikistan) experienced grave phases such as disintegrating from SU, establishing a nation-state and transition from command to free market economy, had faced setbacks in terms of socio-economic issues during the early stages of independence (1991-1995). Gradually in this geography socio-economic decline had slowed down and certain level of economic development had been achieved. Among these countries resource-rich countries Kazakhstan, Uzbekistan, Turkmenistan have better economic development potential relative to the Kyrgyzstan and Tajikistan. In this paper, Central Asian economies will be analyzed comparatively among themselves and with some other parts of the world in terms of main indicators.
Keywords: globalization, inequality, poverty, human development index, socio-economic development
JEL Classification: O15
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