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Live Q&A - Diversified Development: Ensuring Natural Resources Remain a Blessing for Eurasia



Featuring

Chief Economist, Europe & Central Asia, World Bank

Date: Wednesday, February 12th, 2014
Time: 09:00 a.m - 10:00 a.m ET (14:00 - 15:00 GMT or convert time)
Location: Online

LIVE CHAT will be on this page at the time of the event.


Natural resources have been very good for Eurasia, but the region must now ensure that its blessing does not become a curse, as has sometimes happened in Africa and Latin America. Despite its recent economic progress, Eurasia continues to face development challenges and there is growing unease about its long-term future. Many leaders in the region are concerned that an over-dependency on natural resources has created a vulnerability to future market fluctuations and a risk of instability. This is especially true for the largest hydrocarbon exporters in the region, including Russia and Kazakhstan.

Economic diversification has increasingly been lauded by policy makers as the solution to reducing Eurasia’s dependency on natural resources – and to safeguarding the region’s long-term development prospects. The policy discourse, however, has often focused heavily on diversification of exports and production, rather than on diversification of endowments through investment in education, infrastructure and institutions.

This LIVE chat aimed to highlight how diversification can be the result, and not the cause, of development in the region, thereby ensuring that natural resources remain an important asset for future generations.

This chat has concluded. View the replay below!

 

Video: Hans Timmer discusses the report.

Related Links:
- Slideshow: Diversified Development in Eurasia
- Feature Story: Eurasia’s Development: Diversifying Economies, Naturally
- Report: Diversified Development - Making the Most of Natural Resources in Eurasia (PDF)
- Report Overview (PDF)
- Press Release: Eurasia Should Make the Most of Its Natural Resources, Says World Bank
- Infographic: Diversified Development in Eurasia



Read what others are asking
Dr. Ashish Manohar Urkude
India
Hope this diversification in development is also dealing with inclusive growth and favors all the regions in Euresia? The reason to raise this question is may be after some decades later we'll be discussing, developed, developing and under developed regions in Euresia despite the so called blessed natural resources. Hope you understand the crux and will add this point in your all important discussion.
Tatyana Edovina
Russian Federation
Mr Timmer, Would it be correct to say that governments do not need to force hi-tech and innovation development if there is no private initiative? Development of institutions usually takes years, how governments in the region can ensure that export revenues are not driven abroad (to countries with better business climate) during this transition period?
Tatyana Edovina
Russian Federation
Mr Timmer, Would it be correct to say that governments do not need to force hi-tech and innovation development if there is no private initiative? Development of institutions usually takes years, how governments in the region can ensure that export revenues are not driven abroad (to countries with better business climate) during this transition period?
Katia Aliabieva
Russian Federation
Last month Russian government gave publicity to the new strategy of export. The key words are “accelerative diversification” which means development of natural resources stock – including wood, berries, nuts, herbs and water. It sounds a little bit ridiculous – it’s hard to believe that berries would save our export and economy. How do you estimate the potential of this strategy? And what could be an alternative? Thank you
Ed Leahy
United Kingdom
Water is one of the most scarce resources needed to unlock industries like mining; whats your regional view on strategic water use?
S.demberel
Mongolia
It is noticed even empirically proven fact that natural resource richness itself encourages political mindset of non deviersified,natural resource reliance development model in many resource economies;when bad times come associated with commodity price etc they start to worry about diversification when happens the opposite they forget.there is not established committed political mindset,it is also cyclical as commodities...my questions:1.how to make sure that diversified development both de jure and de facto can be the prirority policy in these economies?2. How wb,ifc can support non mineral,non traditional export development in these countries where ratio between non mineral and mineral export is highly disproportional as for instance in mongolia it is 90:10? 3.is it possible for wb groups to design and implement a project on diversified development focusing on not only traditional export promotion policy also emphasizing on non minerel.non traditional export development,including affordable export financing tools development,reflecting it in both fiscal and monetary policies?
Gus
South Africa
Your article states that natural resources have been good for Eurasia. Does this description look at raw figures only (eg GDP growth) or does it consider measures like changes to HDI index ratings and levels of inequality. Secondly, what do you think Eurasia done to avoid the "resource curse" that has afflicted Africa in particular. I'm aware that Eurasia is a massive region with lots of different countries, but so is Africa, and the aggregate effect of natural resources between the two is could not be more different.
Ji Hyun Yang
Korea, Rep.
With recent dollar denunciation in Kazakhstan, how do you think this will affect diversified development in Kazakhstan and overall in Central Asia?
Ji Hyun Yang
Korea, Rep.
Please advice the best/most effective approach for international organizations to work for Eurasia's development in rich natural resources environment.