The change in trade routes has played an important role in accelerating economic growth in the Caucasus and Central Asia, APA-Economics reports, citing an article published by the Asian Development Bank (ADB).
It was noted that in 2022–2024, the average annual economic growth rate in the Caucasus and Central Asia subregion was approximately 5.5 percent. This figure exceeded expectations and outpaced the growth rates of most emerging markets.
Among the main factors supporting growth, strong domestic demand, a high level of remittances, and the effects resulting from changes in global trade routes in recent years were highlighted. In particular, the diversion of trade flows to alternative routes contributed to increased economic activity in the subregion countries.
The article emphasizes that the changes in trade routes have increased the importance of the Caucasus and Central Asian countries in terms of transit and logistics. It was additionally stated that for this positive tendency to lead to long-term economic gains, it is essential to deepen regional cooperation, pursue institutional reforms, and enhance infrastructure capacities.
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