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Investigating Economic Growth, Trade Issues and Future Energy Strategies for Central Asian Countries

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Document pages: 34 pages

Abstract: We examine the economic growth, energy development policies and strategiesfor the CAC from various perspectives. We apply statistical data analysistechniques and mathematical modelling methodologies focusing upon regressionmodel analysis in order to deal with the economic and energy relateddata during the period 1990-2014, and to investigate the relationship amongeconomic growth, energy production, and the trade of energy resources inorder to find future desirable policies and strategies for the CAC. Findingsshow that energy production growth would bring statistically significant positiveimpact on GDP growth in fossil-fuel rich Kazakhstan, Uzbekistan, andTurkmenistan while we also find negative impact of GDP growth on the tradebalance of the CAC except for Turkmenistan. Another finding follows thatthe foreign direct investment has a significant influence on the trade balancein the cases of Uzbekistan and Turkmenistan, which institute import substitutionpolicies right from their initial years of independence. Based on thesequantitative investigations on economy, energy, and trades we propose futureenergy strategies for the CAC, stressing the importance of diversification ofeconomies.

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