Role of the Silk Road Economic Belt in Achieving Sustainable Economic Growth in Central Asia

Zhang Bin, Sheripzhan Nadyrov, Natalia Yurievna Sorokina, Liliya Nikolaevna Chaynikova

2023

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DOI 10.55908/sdgs.v11i2.385
Data confidence 70 medium
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Abstract

Objective: The study aims to confirm the People's Republic of China's Silk Road Economic Belt initiative as a sustainable development strategy for Central Asian countries, in particular Kazakhstan. The article aims to determine how participation in the Silk Road Economic Belt can help these countries ensure sustainable economic growth, focusing on factors such as GDP per capita and GDP growth rate. Methods: The main research method is the comparative method, which allows the use of comparative descriptive analysis to justify the prospects of participation of Central Asian countries in the Silk Road Economic Belt project. Statistical analysis and the index method are used to quantitatively demonstrate the volatility of economic dynamics. Results: Statistical data analysis reveals the volatility of economic growth in Kazakhstan, which confirms the need for the country to participate in the Silk Road Economic Belt. The analysis of economic indicators of other Central Asian countries shows that GDP per capita and GDP growth rates are lower compared to Kazakhstan, suggesting that participation in the Silk Road Economic Belt gives these countries strategic advantages as well, particularly in the implementation of joint transport and logistics projects. Conclusion: In light of the Sustainable Development Goals, the Silk Road Economic Belt project offers potential benefits to Central Asian countries, especially in areas such as transportation and logistics, and emphasizes the importance of global cooperation and strategic partnerships in achieving economic sustainability.