ABSTRACT
This chapter examines the relationship between infrastructure investment and economic growth in Central Asian countries. Using quarterly data from 1990 to 2018 and employing the Autoregressive Distributed Lagged Approach to cointegration, the study finds: 1) there is a robust long-run relationship that runs from infrastructure investment to economic growth in the case of Kazakhstan, Tajikistan, and Uzbekistan; 2) in the case of the Kyrgyz Republic, economic growth drives infrastructure investment; 3) there is a bi-directional relationship between infrastructure investment and economic growth in Uzbekistan; and 4) in the short run, infrastructure investment leads to a reduction in economic growth in Tajikistan.
