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WB expert shared views on long-term economic development

04 July 2017

Leading world economists within the framework of the AEF are discussing global challenges and ways to solve them.

Photo © Marat Kurakov /
John Panzer, director of the global practices department for macroeconomic and budgetary policy at the World Bank, described four directions that need to be developed in order to achieve a long-term increase in productivity and innovation, in the framework of the panel session "The Middle Income Trap: A Challenge for Kazakhstan", held within the framework of the Astana Economic Forum, the correspondent of reports.

According to the speaker, it is impossible to achieve a long-term growth of the economy without serious macroeconomic research.

According to Panzer, it is necessary to develop powerful institutions and the rule of law. 

"The quality of governance and the control of corruption, together with an effective leadership system are very important. Investments in education and human capital are also important," he continued.

In conclusion, Panzer advised to develop open competitive markets that could support the efficient allocation of resources and provide for adaptation, a desire for improvement, the increased efficiency, the acquisition and dissemination of knowledge and innovation. 

Krymbek Kusherbayev, governor of Kyzylorda oblast, Christopher Hartwell, president of the Center for Social Economic Research of Poland, Aidan Karibzhanov, chairman of the board of directors of JSC "Visor Holding" and many others attended the session and made reports.

Recall, June 15-16 Astana is hosting the tenth Astana Economic Forum, where international experts and specialists discuss the main economic challenges of our time.

The day before, Prime Minister Bakytzhan Sagintayev took part in the forum, describing the main directions of the work of the Government until 2021 and told about the removal of all trade barriers between the RK and the PRC.
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