CAREC Institute and ADB Host Webinar on Socio-Economic Inequality in the CAREC Region: Promoting Equality and Decent Work

On September 24, the CAREC Institute, in collaboration with the Asian Development Bank (ADB), hosted the 10th CAREC Chai Webinar, focusing on “Socio-Economic Inequality in the CAREC Region: Enhancing Equality and Decent Work.” The event addressed the increasing socioeconomic disparities in the region, further aggravated by the COVID-19 pandemic.

In his opening remarks, Mr. Kabir Jurazoda, Director of the CAREC Institute, underscored the urgency of tackling inequality in the CAREC region. He emphasized the value of constructive dialogue among key stakeholders to understand the shifting dynamics of income inequality and labor market changes. Mr. Kabir Jurazoda called for joint efforts to foster shared prosperity and ensure decent work for all, expressing optimism that collaborative actions would result in tangible benefits for communities across the CAREC region.

The webinar included an expert discussion led by Dr. Kuat Akizhanov, Deputy Director Two of the CAREC Institute, with key contributions from Dr. Alessandro Pio, Scientific Advisor at the Institute for International Political Studies (Italy), and Dr. Siddharth Saxena, Chairperson of the Cambridge Central Asia Forum of the Cambridge University (UK). They explored topics such as the current state of income inequality, the political economy of labor and capital, and the broader implications for socioeconomic equality. A significant portion of the discussion centered on Central Asia’s role in global sustainable development, particularly through the intersection of science and industry. The speakers highlighted the CAREC region’s vast natural resources and their critical importance for global industrial growth. They also raised fundamental questions about the limitations of market-driven approaches in addressing issues like healthcare advancements and alternative energy solutions. The event concluded with a call for a unified strategy to address these complex challenges.

Dr. Alessandro Pio’s presentation offered a critical analysis of income and wealth inequality, particularly within Central Asia. He emphasized growing disparities both within and among countries, noting that the post-pandemic expectation of economic improvement for future generations is being increasingly challenged, particularly for millennials. Dr. Alessandro Pio identified finance capitalism as a contributing factor to these inequalities and stressed the importance of a multidisciplinary approach to address the interconnected challenges of income distribution, job creation, and socio-economic inequality.

Dr. Siddharth Saxena also emphasized the need for a systematic, interdisciplinary approach to address socio-economic inequality in the CAREC region. He discussed the region’s transition from a unified post-Soviet economy to individual national economies, underscoring the need to rebuild regional connections. Dr. Siddharth Saxena highlighted that understanding income and wealth distribution is key to designing effective policies that promote equality and decent work. He advocated for enhanced analytical frameworks and the development of human capital to address these complex issues.

Looking ahead, future research in the CAREC region should focus on the intricate relationship between income and wealth inequality and its impact on socio-economic development. This includes examining the effects of globalization on job creation and economic integration, as well as the role of digital and green transitions in creating decent work opportunities. Innovative measurement tools are needed to accurately assess inequality and its socio-economic consequences. Research should also consider the historical context of economic disparities in the region, investigating how past economic systems continue to influence present inequalities. Interdisciplinary studies that integrate economic, social, and environmental perspectives will be crucial for developing comprehensive strategies to tackle these challenges and foster inclusive growth.