The World Bank’s Poverty Reduction and Economic Management Department is pleased to invite students, think tanks and academia as well as civil society organizations and media to discuss findings of the Bank’s Diversified Development Report at a public lecture to be organized at the Bishkek office of the University of Central Asia. The lecture will be delivered in English language by one of the co-authors of report Mr. Ivailo Izvorski.
Simultaneous English-Russian translation will be provided upon request.
Eurasia is one of the most natural resource-rich regions in the world, with 31 percent of its proven natural gas reserves, 17 percent of oil reserves, 23 percent of iron ore, 14 percent of gold, and 7 percent of copper. Endowed with such a vast quantity, the region has been able to benefit enormously from the export of natural resources, particularly during periods of high commodity prices.
The World Bank Diversified Development report assesses the economic performance of the twelve countries of Eurasia since the early 1990s and its future prospects. It finds that during the last two decades, natural resources have played a central role in the development of the whole region, as countries which are rich in natural resources grew their wealth and shared their prosperity with the rest of the region through trade, migration, investment or aid. People are much better off today than they were in the 1990s’ and the economies are more integrated with the global economy and more productive at home.
But most countries in Eurasia, including the Kyrgyz Republic, have yet to learn the main lesson of experience of resource rich countries in other parts of the world. What distinguishes success from failure are the institutions that manage volatility, ensure high quality education, and provide a competition regime that levels the playing field for enterprises.
Mr. Ivailo Izvorski is a Sector Manager of the Macroeconomic Unit in the Poverty Reduction and Economic Management (PREM) Department of the Europe and Central Asia region of the World Bank. Prior to this, Mr. Ivailo Izvorski worked as a Lead Economist in the PREM Department of the East Asia and Pacific region of the World Bank. He holds a PhD in Economics from Yale University.