Astana Economic Forum 2019 — “Technology is the way forward for economic growth”

Speech by Madam Lagarde at Astana Economic Forum.

II. The Path to Inclusive Growth

There is no “one-size-fits-all” solution, but a few principles are clear.

First, fiscal policy should balance debt concerns with critical initiatives in health, education, and infrastructure. Here, the IMF will continue to support the region through technical assistance and capacity development programs.

Second, corruption needs to be addressed head-on in the region. 2019 is an opportune moment to provide increased transparency and foster more trust between citizens and the government.

Third, women and other under-represented groups can be empowered by continuing to eliminate legal and economic barriers. I am pleased to say that through the hard work of the government and private companies female labor force participation in Kazakhstan is now at 65%2 — the highest in the region and a benchmark for every country in Central Asia.

Fourth and finally, the financial sector should be sound and its services widely accessible. Just 45 percent of adults in CCA countries have a banking account — almost 20 percent lower than the average in other emerging markets. Furthermore, only 3 percent of citizens have mobile money accounts.

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