EXPORT DIVERSIFICATION CHALLENGES FOR

CAREC COUNTRIES

DOCTOR, PROFESSOR ENKHBAIGALI BYAMBASUREN

CAREC COUNTRIES ECONOMIES Overview

CAREC REGION: 11 COUNTRIES 320 MILLION POPULATION 16 443 290 SQUARE KILOMETER AREA …BILLION USD ECONOMIC POWER

10/18/10 This is a Footer

ECONOMIC POWERS OF CAREC COUNTRIES ARE DIFFERENT

10/18/10

4

National Development Institute of

Mongolia

Country GDP, 2017 (billion

$)

GDP per

capita, 2017 ($)

GDP growth,

2017 (%)

Economic

complexiy

index

Trade with CAREC

countries as percent

of total trade

Trade with CAREC

countries

AFGANISTAN 19,500,000,000 550.1 2.7 n.a 45.60% 414,500,000$

AZERBAIJAN 40,700,000,000 4 135.1 0.1 -0.65 15.65% 3,596,800,000$

CHINA 12,237,700,000,000 8 827.0 6.9 0.69 1.4%

GEORGIA 15,100,000,000 4 045.4 4.8 -0.06 27.8%

KAZAKHSTAN 162,900,000,000 9 030.3 4.1 0.09 19.1%

KYRGYZ 7,600,000,000 1 220.5 4.6 -0.29 33.6%

MONGOLIA 11,400,000,000 3 717.5 5.3 -0.79 76.0%

PAKISTAN 305,000,000,000 1 547.9 5.7 -0.86 9.0%

TAJIKSTAN 7,100,000,000 801.1 7.6 -1.1 39.0%

TURKMENISTAN 37,900,000,000 6 586.6 6.5 -1.2 88.8%

UZBEKISTAN 49,700,000,000 1 533.9 5.3 -0.85 28.0%

POPULATIONS AND WORKFORCE CAPABILITIES ARE DIFFERENT

10/18/10

5

National Development Institute of

Mongolia

Country Population GDP GDP per capita Population number in

poverty Poverty (%)

Human

Development

Index

AFGANISTAN 35,530,000 19,500,000,000 550.1$ 18,887,537 54.5% 0.498

AZERBAIJAN 9,854,000 40,700,000,000 4 135.1$ 501,972 5.4% 0.757

CHINA 1,386,400,000 12,237,700,000,000 8 827.0$ 42,978,245 3.1% 0.752

GEORGIA 3,700,000 15,100,000,000 4 045.4$ 816,432 21.9% 0.780

KAZAKHSTAN 18,000,000 162,900,000,000 9 030.3$ 450,944 2.5% 0.800

KYRGYZ 6,200,000 7,600,000,000 1 220.5$ 1,586,739 25.6% 0.672

MONGOLIA 3,100,000 11,400,000,000 3 717.5$ 842,727 27.4% 0.741

PAKISTAN 197,000,000 305,000,000,000 1 547.9$ 46,019,464 24.3% 0.562

TAJIKSTAN 8,900,000 7,100,000,000 801.1$ 2,675,727 31.3% 0.650

TURKMENISTAN 5,800,000 37,900,000,000 6 586.6$ n.a 0.706

UZBEKISTAN 32,400,000 49,700,000,000 1 533.9$ 4,264291 14.1% 0.710

BACKGROUND INFORMATION: 1990-1999 INITIAL TRANSITION PERIOD FOR TRANSITION COUNTRIES

10/18/10

(50.00)

(40.00)

(30.00)

(20.00)

(10.00)

-

10.00

20.00

30.00

40.00

.. .. .. .. .. .. .. .. .. ..

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

GD

P g

row

th

Azerbaijan

China

Georgia

Kazakstan

Kyrgyz

Mongolia

Pakistan

tajikstan

Turkmenistan

Uzbekistan

BACKGROUND INFORMATION: 2000-2010 SECOND TRANSITION PERIOD FOR TRANSITION COUNTRIES

10/18/10

(10.00)

(5.00)

-

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

GD

P g

row

th

afganistaN

Azerbaijan

China

Georgia

Kazakstan

Kyrgyz

Mongolia

Pakistan

tajikstan

Turkmenistan

Uzbekistan

BACKGROUND INFORMATION: 2010-2018 PERIOD AFTER TRANSITION

10/18/10

(5.00)

-

5.00

10.00

15.00

20.00

2010 2011 2012 2013 2014 2015 2016 2017

GD

P g

row

th

afganistaN

Azerbaijan

China

Georgia

Kazakstan

Kyrgyz

Mongolia

Pakistan

tajikstan

Turkmenistan

Uzbekistan

EXPORT OF CAREC COUNTRIES

10/18/10

Country 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Afganistan

0.21

1.13

0.47

0.45

0.39

0.64

0.74

0.78

0.99

0.49

Azerbaijan

47.76

14.70

21.36

26.57

23.91

23.98

21.83

12.73

13.46

13.81

China

1,574.0

1,313.4

1,726.9

2,024.9

2,111.6

2,237.0

2,359.3

2,375.7

2,257.5

2,368.1

Georgia

1.93

1.81

2.59

3.35

3.31

3.43

3.58

2.77

2.54

3.20

Kazakhstan

45.85

40.46

55.37

79.06

83.77

74.21

68.10

40.68

32.86

43.83

Kyrgyz

1.40

1.09

1.65

1.99

1.69

1.73

1.09

1.30

1.03

1.93

Mongolia

1.92

1.56

2.86

3.95

3.97

4.64

6.31

5.00

5.79

6.94

Pakistan

22.71

20.12

23.75

28.74

24.59

27.82

27.97

26.01

23.78

19.59

Tajikstan

0.89

0.79

0.92

0.88

0.89

0.78

0.70

0.80

0.72

0.93

Turkmenistan

1.84

1.17

2.19

6.46

9.63

10.53

10.81

8.49

6.84

7.16

Uzbekistan

4.46

2.76

5.11

5.96

4.78

7.42

6.14

5.66

6.85

8.38

billion US dollars

not covered

EXPORT GROWTH IN CAREC COUNTRIES ARE EVEN

10/18/10

2009 2010 2011 2012 2013 2014 2015 2016 2017

Afganistan 538% 42% 96% 87% 164% 116% 105% 127% 49% 147%

Azerbaijan 31% 145% 124% 90% 100% 91% 58% 106% 103% 94%

China 83% 131% 117% 104% 106% 105% 101% 95% 105% 105%

Georgia 94% 143% 129% 99% 104% 104% 77% 92% 126% 108%

Kazakhstan 88% 137% 143% 106% 89% 92% 60% 81% 133% 103%

Kyrgyz 78% 151% 121% 85% 102% 63% 119% 79% 187% 110%

Mongolia 81% 183% 138% 101% 117% 136% 79% 116% 120% 119%

Pakistan 89% 118% 121% 86% 113% 101% 93% 91% 82% 99%

Tajikstan 89% 116% 96% 101% 88% 90% 114% 90% 129% 101%

Turkmenistan 64% 187% 295% 149% 109% 103% 79% 81% 105% 130%

Uzbekistan 62% 185% 117% 80% 155% 83% 92% 121% 122% 113%

118% 140% 136% 99% 113% 98% 89% 98% 115% 112%

EXPORT OF CAREC COUNTRIES ARE DEPENDENT FROM ONE MARKET

10/18/10

0.49 13.81

2,368.10

3.20 43.83 1.93 6.94 19.59 0.93 7.16 8.38

Afganistan Azerbaijan China Georgia Kazakhstan Kyrgyz Mongolia Pakistan Tajikstan Turkmenistan Uzbekistan

Volume of export CAREC-2017 /billion US dollars/

0.49

13.81

3.20

43.83

1.93

6.94

19.59

0.93

7.16 8.38

Afganistan Azerbaijan Georgia Kazakhstan Kyrgyz Mongolia Pakistan Tajikstan Turkmenistan Uzbekistan

Volume of export CAREC-2017 /billion dollars/ without PRC

EXPORT OF AZERBAIJAN

10/18/10

EXPORT OF AFGHANISTAN 2017

KAZ $ 1,968,194.28 0.22%

UZB - -

CHN $ 2,861,675.63 0.33%

TJK - -

TKM - -

KGZ $ 237,748.37 0.03%

GEO $ 1,167.00 0.00%

MNG - -

AZE - -

PAK $ 392,512,891.80 45.0%

Other countries 54.4%

2017

KAZ $ 132,630,359.76 1.70%

UZB $ 20,638,186.37 0.26%

CHN $ 723,518,904.51 9.10%

TJK $ 45,874.78 0.00%

TKM $ 96,548,309.55 1.20%

KGZ $ 1,243,486.99 0.02%

GEO $ 261,782,841.48 3.30%

MNG $ 84,191.02 0.00%

AFG - -

PAK $ 5,842,587.13 0.07%

OTHERS 84.35%

China-2017

10/18/10

2017

KAZ $ 5,798,781,583.50 0.24%

UZB $ 2,714,922,790.00 0.11%

AZE $ 723,518,904.51 0.03%

TJK $ 1,299,207,491.00 0.06%

TKM $ 361,286,142.00 0.02%

KGZ $ 2,627,648,056.11 0.11%

GEO $ 765,129,855.69 0.03%

MNG $ 1,419,985,578.16 0.06%

AZE $ 723,518,904.51 0.03%

PAK $ 18,041,524,848.00 0.76%

OTHERS 98.6%

Georgia-2017

2017

KAZ $ 52,386,528.1 1.60%

UZB $ 64,131,973.0 2.0%

AZE $ 261,782,841.5 8.20%

TJK $ 3,375,136.0 0.1%

TKM $ 21,543,297.0 0.7%

KGZ $ 9,099,464.2 0.28%

CHN $ 215,821,479.7 6.70%

MNG $ 1,208,305.6 0.0%

AZE $ 261,782,841.5 8.2%

PAK $ 779,274.0 0.0%

OTHERS 72.2%

Kazakhstan-2017

10/18/10

Kyrgyzstan-2017

2017

KAZ $ 377,301,513 20%

UZB $ 121,562,493 6.30%

CHN $ 101,443,236 5.30%

TJK $ 24,262,676 1.30%

TKM $ 4,890,695 0.25%

AFG $ 2,536,957 0.13%

GEO $ 2,267,022 0.12%

MNG $ 1,444,234 0.08%

AZE $ 1,245,268 0.07%

PAK $ 265,385 0.01%

Others 66.45%

2017

GEO $ 30,681,780 0.07%

UZB $ 1,250,223,547 2.90%

AZE $ 132,630,360 0.30%

TJK $ 458,288,027 1.00%

TKM $ 55,069,778 0.13%

KGZ $ 535,195,879 1.20%

CHN $ 5,900,255,068 13.00%

MNG $ 71,017,865 0.16%

AZE $ 132,630,360 0.30%

PAK $ 5,536,903 0.01%

OTHERS 80.93%

Mongolia-2017

2017

GEO - -

UZB $ 30,750.00 0.00%

AZE $ 84,191.02 0.00%

TJK - -

TKM - -

KGZ $ 268,683.46 0.00%

CHN $ 5,276,430,407.97 76.00%

KAZ $ 2,772,406.97 0.04%

AZE $ 84,191.02 0.00%

PAK $ 216,240.00 0.00%

OTHERS 24%

Tajikistan-2017

10/18/10

Turkmenistan-2017

2017

GEO $ 3,000.00 0.00%

UZB - -

AZE $ 45,874.78 0.00%

PAK - -

TKM - -

KGZ $ 13,848,660.45 1.50%

CHN $ 46,211,644.76 5.00%

KAZ $ 302,901,331.90 33.00%

AZE $ 45,874.78 0.00%

MNG $ 2,565.17 0.00%

OTHERS 60.49%

2017

GEO $ 119,237,259.00 1.70%

UZB - -

AZE $ 96,548,309.55 1.30%

PAK - -

TJK - -

KGZ $ 451,466.41 0.01%

CHN $ 6,006,584,801.96 84.00%

KAZ $ 41,112,056.44 0.57%

AZE $ 96,548,309.55 1.30%

MNG - -

OTHERS 11.12%

Uzbekistan-2017 2017

GEO $ 6,915,730.00 0.08%

TJK - -

AZE $ 20,638,186.37 0.25%

PAK - -

TKM - -

KGZ $ 160,392,504.54 1.90%

CHN $ 1,401,740,855.65 17.00%

KAZ $ 714,191,028.48 8.50%

AZE $ 20,638,186.37 0.25%

MNG $ 769,040.85 0.01%

OTHERS 72.01%

10/18/10

10/18/10

Pakistan-2017

2017

GEO $ 3,124,115.00 0%

UZB - -

AZE $ 5,842,587.13 0%

TJK - -

TKM - -

KGZ $ 4,276,106.68 0%

CHN $ 1,777,073,467.90 9%

KAZ $ 22,259,711.80 0%

AZE $ 5,842,587.13 0%

MNG $ 1,502,310.18 0%

OTHERS 91%

What are constraints for CAREC countries export divesification

Weak external position, high budget deficit, high inflation rate, high debt service ratio as percentage of GDP (interest payment), high volatility of exchange rates, uneven wealth share

10/18/10 National Development Institute of Mongolia 18

IS TRADE DEFICIT HIGH IN CAREC COUNTRIES?

10/18/10 National Development Institute of Mongolia 19 -53%

-33%

-30%

-16%

-7%

-6%

7%

8%

10%

15%

21%

-60% -50% -40% -30% -20% -10% 0% 10% 20% 30%

KYZ

GEO

TJK

AFG

PAK

UZB

CHN

KAZ

TKM

AZE

MNG

Trade balance 2017 (% of GDP)

IS TRADE DEFICIT HIGH IN CAREC COUNTRIES?

20

-98.16%

-53.69%

-42.71%

-37.51%

-14.34%

-11.92%

-10.45%

0.14%

12.61%

20.37%

36.67%

KYZ

TJK

AFG

GEO

MNG

UZB

PAK

TKM

CHN

KAZ

AZE

Trade balance average 2008-2017 (% of GDP)

TRADE BALANCE IS NEGATIVE CAREC COUNTRIES

21 10/18/10

$(18.99)

$(5.46)

$(4.53)

$(4.32)

$(3.92)

$(2.63)

$(0.24)

$1.16

$12.10

$21.01

$770.38

$(100.00) $- $100.00 $200.00 $300.00 $400.00 $500.00 $600.00 $700.00 $800.00 $900.00

PAK

AFG

KYZ

GEO

UZB

TJK

MNG

TKM

AZE

KAZ

CHN

Average 2008-2017, billion USD

$(18.99)

$(5.46)

$(4.53)

$(4.32)

$(3.92)

$(2.63)

$(0.24)

$1.16

$12.10

$21.01

$(25.00) $(20.00) $(15.00) $(10.00) $(5.00) $- $5.00 $10.00 $15.00 $20.00 $25.00

PAK

AFG

KYZ

GEO

UZB

TJK

MNG

TKM

AZE

KAZ

Average 2008-2017, billion USD (without PRC)

CURRENT ACCOUNT BALANCE DEFICIT IS NOT COVERED BY

REMITTANCES

22 10/18/10

Current account balance

(BoP, current US$)

Personal remittances

(current US$)

Percentage of remittances in

current account balance

Afganistan -4,227,132,365.8 378,240,417.2 9.0% not covered

Azerbaijan 1,684,559,000.0 1,133,371,000.0 67.3% partially covered

China 164,886,647,435.2 28,666,122,721.2 17.4% not covered

Georgia -1,332,212,424.1 1,793,945,160.5 134.7% covered

Kazakhstan -5,389,528,405.6 355,001,271.5 6.6% not covered

Kyrgyz -522,328,645.0 2,485,778,06.0 475.9% covered

Mongolia -1,155,443,731.6 273,364,998.1 23.7% not covered

Pakistan -16,251,040,000.0 19,689,000,000.0 121.2% covered

Tajikstan 150,599,803.2 2,236,691,733.1 1485.2% covered

Turkmenistan .. 10,305,844.8 -

INFLATION IS HIGH IN CAREC COUNTRIES

-10

-5

0

5

10

15

20

25

30

1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Mongolia

Afghanistan

Azerbaijan

China

Georgia

Kazakhstan

Kyrgyz Republic

Pakistan

Tajikistan

23

National

Development

Institute of

Mongolia 10/18/10

FDI IN CAREC COUNTRIES in million USD

24

National

Development

Institute of

Mongolia 10/18/10

-10000

-5000

0

5000

10000

15000

20000

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

Afghanistan Azerbaijan Georgia Kazakhstan

Kyrgyz Republic Mongolia Pakistan Tajikistan

Turkmenistan Uzbekistan

290,928.4

19

90

19

93

19

96

19

99

20

02

20

05

20

08

20

11

20

14

20

17

mln US $

China

FDI in CAREC countries (without PRC)

25

National

Development

Institute of

Mongolia 10/18/10

-10,000.0

-5,000.0

0.0

5,000.0

10,000.0

15,000.0

20,000.0

mln US $

Afghanistan Azerbaijan Georgia Kazakhstan Kyrgyz Republic

Mongolia Pakistan Tajikistan Turkmenistan Uzbekistan

EXCHANGE RATE VOLATILITY IN CAREC COUNTRIES

6.50 0.25 0.88 0.33

67.21

14.22

443.57

22.55

2.12

Afghanistan Azerbaijan China Georgia Kazakhstan KyrgyzRepublic

Mongolia Pakistan Tajikistan

Std. Dev as % of Mean

Afghanistan Azerbaijan China Georgia Kazakhstan Kyrgyz Republic Mongolia Pakistan Tajikistan10/18/10

SHARE OF BUDGET IN GDP IN CAREC COUNTRIES

24.2

8

18.6

7

19.7

5

20.1

9

18.7

2

19.5

0

18.2

4

16.7

8

23.1

4

21.6

6

24.2

2

22.5

0

25.3

0

26.0

7

31.4

4 34.5

1

31.9

6

33.7

3 36.6

4

37.7

8

36.3

7

38.6

8

35.3

8

35.7

1

34.2

3

21.21

18.11 17.44

18.75 17.13 17.63

16.52 17.25

16.14

18.05

16.10 15.18

15.94 17.06

19.48

21.84

19.27 20.34

19.35

21.66 21.82

20.10 19.77 19.94 21.28 21.77

22.63

49.59

33.98

36.83

43.95

39.91

44.04

42.17 41.18

38.38

43.41

39.53

36.86

35.19

30.98 31.13

33.20 34.44

33.41

30.41 30.94 31.23 31.12 29.94

28.81 27.31

30.94

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Azerbaijan China, People's Republic of Kazakhstan Kyrgyz Republic Mongolia Pakistan Tajikistan Uzbekistan

27 10/18/10

While tax remains still comparatively low, budget income has been increased due to

increase in international market price fluctuation, FDI, and investment in mining.

Central government debt, total (% of GDP)

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

346.0

270.6

245.0

206.4

23.0 20.1 19.1 16.2 7.7 7.5 6.8 6.9 8.7 9.1 7.8 7.0

0

50

100

150

200

250

300

350

40019

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

% o

f G

DP

Afghanistan

Azerbaijan

Kazakhstan

Kyrgyz Republic

Mongolia

Pakistan

Turkmenistan

28

National

Development

Institute of

Mongolia 10/18/10

SOME CAREC COUNTRIES HAVE HIGH DEBT SERVICE RATIO AS PERCENTAGE OF EXPORT,

NATURALLY GROWTH OF GDP OF YEAR DEPENDS ON INCREASE IN FDI

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

40

42

44

46

48

50

52

54

56

58

60

-8 -3 2 7 12

De

bt serv

ice r

atio a

s p

erc

en

tage o

f expo

rt

GDP growth

Mongolia

10/18/10

Moody’s rating in CAREC countries

Azerbaijan China Georgia Kazakhstan KyrgyzRepublic

Mongolia Pakistan Tajikstan Uzbekistan

Moody

Aa3

Ba2

Baa3

B2

B3 B3 B3

B1

Good

Upper middle

Lower

middle

RISKY

HIGH RISK

BAD

Sources: Moody.com

Ba2 Good

ARE THERE ANY FACTORS SUPPORTING ECONOMIC

DIVERSITY

(Changes in GDP, investment, trade and other indicators are not related, policy

coordination is weak)

National Development

Institute of Mongolia 31

GROSS SAVINGS (% OF GDP) LEVEL IS DIFFERENT IN CAREC COUNTRIES

-10

0

10

20

30

40

50

60

1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

China Turkmenistan Afghanistan Georgia

Kyrgyz Republic Pakistan Tajikistan Uzbekistan

Azerbaijan Kazakhstan Mongolia 32 10/18/10

Interest rate spread (lending rate minus deposit rate, %) has been

high until 2017 0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

Mongolia Afghanistan

Azerbaijan China

Georgia Kazakhstan

Kyrgyz Republic Pakistan

Tajikistan Turkmenistan

Uzbekistan

33

National

Develop

ment

Institute

of

Mongoli

a

10/18/10

Interest rate spread (lending rate minus deposit rate, %) is still

among high

34 10/18/10

Aze

rba

ijan

, 8

.11

%

Chin

a, 2

.85

%

Ge

org

ia, 1

.83

%

Kyrg

yz R

ep

ub

lic, 1

7.0

7%

Mo

ngo

lia, 7

.05

%

Pa

kis

tan

, 3

.73

%

Ta

jikis

tan

, 2

6.0

4%

2017

INDUSTRY, VALUE ADDED (% OF GDP) IS NOT HIGH IN MOST OF

CAREC COUNTRIES 3

7.5

9

36

.39

49

.61

42

.34

28

.87

37

.56

29

.17

25

.91

24

.96

27

.46

35

.28

36

.19

35

.14

33

.11

30

.92

27

.37

27

.36

26

.43

24

.56

24

.51

24

.98

22

.47

22

.04

22

.96

22

.30

24

.39

27

.24

0

10

20

30

40

50

60

70

China Mongolia Turkmenistan Afghanistan

Azerbaijan Georgia Kazakhstan Kyrgyz Republic

Pakistan Tajikistan Uzbekistan 35 10/18/10

ECONOMIC COMPLEXITIES OF

CAREC COUNTRIES

10/18/10 This is a Footer

PRODUCT SPACES OF CAREC COUNTRIES

`

37 10/18/10

2008

Based on calculation of 2011, the product

spaces with different proximities did not show

much change. The difference between 2000

and 2008 diffusion is related to textile and

clothing sector change.

It does not seem that economy of Mongolia

had significant structural change since 2008,

therefore calculation again proximities based

on data of recent years.

Source: Calculation of Enkhbaigali.B

In calculations, we used raw data from

COMTRADE and calculated RCA’s using Balassa

definition.

Proximities and PRODY, EXPY’s has been

calculated according to method used by

C.A.Hidalgo, B.Klinger, A.L.Barabási, R.Hausmann

using data of 779 products of 224 countries.

(The Product Space Conditions the Development of

Nations, 2007), (What you export matters, 2007)

PRODUCT SPACES OF CAREC COUNTRIES ARE NOT DIVERSE

AFGANISTAN AZERBAIJAN

PRODUCT SPACES OF CAREC COUNTRIES ARE NOT DIVERSE, EXCEPT CHINA

CHINA GEORGIA

PRODUCT SPACES OF CAREC COUNTRIES ARE NOT DIVERSE

KAZAKSTAN KYRGYZ

PRODUCT SPACES OF CAREC COUNTRIES ARE NOT DIVERSE

PAKISTAN TAJIKSTAN

PRODUCT SPACES OF CAREC COUNTRIES ARE NOT DIVERSE

TURKMENISTAN UZBEKISTAN

PRODUCT SPACES OF CAREC COUNTRIES ARE NOT DIVERSE

MONGOLIA