1、Quarterly Economic MonitorHans HolzhackerElvira KurmanalievaShiliang LuMarina(Rui)WangMerdan Yazyyev January 2025CAREC InstituteNo.15 CAREC Institute Quarterly Economic Monitor Hans Holzhacker Elvira Kurmanalieva Shiliang Lu Marina(Rui)Wang Merdan Yazyyev January 2025 CAREC Institute Quarterly Econo

2、mic Monitor January 2025 Page 2 of 29 Disclaimer This 15th issue of the CAREC Institute Quarterly Economic Monitor is co-authored by Hans Holzhacker,consultant at the CAREC Institute,Elvira Kurmanalieva,Senior Economist at the CAREC Institute,Shiliang Lu,Research Specialist at the CAREC Institute,Ma

3、rina(Rui)Wang,Senior Research Specialist at the CAREC Institute,and Merdan Yazyyev,Research Expert at the CAREC Institute.1 The views expressed in this Monitor are the views of the authors and do not necessarily reflect the views or policies of the CAREC Institute,its funding entities,or its Governi

4、ng Council.The CAREC Institute does not guarantee accuracy of the data included in this Monitor and accepts no responsibility for any consequences of its use.The terminology used may not necessarily be consistent with the CAREC Institutes official terms.The CAREC Institute accepts no liability or re

5、sponsibility for any partys use of this Monitor or for the consequences of any partys reliance on the information or data provided herein.By making any designation of or reference to a particular territory or geographical area,or by using country names in the Monitor,the authors did not intend to ma

6、ke any judgment as to the legal or other status of any territory or area.Boundaries,colors,denominations,or any other information shown on maps do not imply any judgment on the legal status of any territory,or any endorsement or acceptance of such boundaries,colors,denominations,or information.This