What is the future of the global economy? What is the decisive competitive 
advantage for states? How to ensure competitiveness and achieve progress in the 
globalized world? These issues were discussed by leading politicians, 
economists, scientists and investors at the XII Astana Economic Forum on May 
16-17 in Nur-Sultan, the capital of Kazakhstan, with the theme: "Inspiring 
growth: people, cities, economies".

The "Economic Research Institute" published specifically for AEF an analytical 
review "Kazakhstan and the global world: challenges and opportunities". It 
includes recommendations and practical measures to help confront modern 
challenges. 

The following institute's partners were involved in the preparation of this 
publication: the Kazakhstan Fund for Economic Initiatives, the Boston 
Consulting Group, PwC, European Bank of Reconstruction and Development, Asian 
Development Bank, and the Reinventing Bretton Woods Committee. Valuable 
recommendations were given by guests, speakers and international participants 
of the AEF.

The publication includes suggestions and practical measures to help the global 
community confront modern challenges. Almost all experts agreed that the world 
is experiencing difficult times due to trade wars, climate change, and 
transformation of labor markets caused by technological development. Despite 
political and economic risks, it is necessary to find points of growth and look 
for solutions to these crisis situations.

Global risks, including trade wars, technological race, climate change, threats 
of cyber-dependence, increasing inequality, and other issues, require states to 
be prepared for joint and targeted efforts.

Almost all experts agreed that the world is experiencing challenging times due 
to trade wars, climate change, and transformation of labor markets caused by 
technological development. It's necessary for states to look for jointed and 
targeted solutions to these crises.

Maurice Obstfeld, professor of economics at the University of California and 
former IMF Chief Economist, said: "The current political dynamic creates a 
vicious circle. Without joint action, economic and social conditions will 
deteriorate."
However the new economy carries not only risks, but also many opportunities for 
growth.

Experts stressed that people, human capital and developed modern cities create 
growth in these conditions. 

Experts also noted that well-planned and managed cities can take advantage of 
urbanization to generate and maintain growth. 

Christine Lagarde, Managing Director of IMF, stated: "Technological change and 
integration bring benefits by boosting productivity and economic growth, but 
also generate difficult changes and crowd out workers." 

Rae Kwon Chung, Nobel Peace Prize laureate, noted: "The growing gaps between 
economic growth and sustainable development goals, including environmental 
protection, social cohesion and a transition to low-carbon energy, are serious 
problems that we never faced before."

To solve this problem, there is a unanimous opinion that it's necessary to 
implement a more inclusive and sustainable growth model that contributes to 
raising global living standard. Inclusive entrepreneurship is a powerful tool 
for socio-economic progress, enabling new growth opportunities for businesses, 
and improving people's lives.

The publication can be found on the Economic Research Institute's website: 
www.eri.kz.

http://astanaeconomicforum.org/en

Logo: https://mma.prnewswire.com/media/888411/Astana_Economic_Forum_Logo.jpg 

SOURCE: Astana Economic Forum