Market‐to‐economy developments in Central Asia: performance measurement

Purpose - The purpose of this paper is to examine the performance of the emerging markets of Central Asia, and to bridge quantitative development indicators with a qualitative measurement of market and broader socioeconomic conditions. While findings may warrant deeper examination of inter‐ and intra‐country developments, and,inter alia, comparison to other emerging markets, the paper aims to highlight the importance of aligning macro‐level reforms with due development of industry‐level aims to the conditions. Design/methodology/approach - This paper relies on secondary research and data from international financial institutions (IFIs), as well as the author's experience in working with private sector development issues in emerging and developing economies. The Central Asian context derives from a comparison of definitions set out by relevant IFIs. Quantitative economic and outlook data set the stage for further examination of market conditions. The paper also touches upon the total factor productivity economic development indicator that was used as the basis for a World Bank report on economic and productivity growth in Eastern Europe and the former Soviet Union. Findings - While this paper examines reforms and development on a regional level, increasingly favorable market conditions in Central Asia may well be an indirect response to a globalizing world economy. The understanding and systematic measurement of both sectoral and macro‐level drivers will lead to a more holistic understanding of economic development in emerging markets. Originality/value - This paper provides an understanding of existing market conditions in Central Asia, and builds on the importance of market performance measurement in assessing broader economic development.