Center for Analysis of Economic Reforms and Communication Develops a General Equilibrium Model
The Center for Analysis of Economic Reforms and Communication (CAERC) is currently developing a General Economic Equilibrium (CGE) Model. In this context, the Asian Development Bank (ADB) organized a seminar on CGE models at Nazarbayev University in Astana, Kazakhstan. The seminar was attended by Rəşad Hüseynov, Acting Head of CAERC’s Projects Department, and Vüsalə Cəfərova, Strategic Analysis and Planning Manager.
The seminar focused on the use and application of the CGE model for macroeconomic analysis, which will contribute directly to the development of a corresponding model at CAERC. The CGE model allows for the study of inter-sectoral linkages, regional interactions, calculation of socio-economic indicators, and the generation of medium- and long-term forecasts.
Presenters at the Astana seminar included Professor Mark Horic from Victoria University, Australia, ADB department heads Edmon Ginting and Dipsa Vijerasna, and Professor Janna Kapsalyamova from Nazarbayev University. According to Rəşad Hüseynov, discussions at the seminar also addressed the development of Azerbaijan’s own General Economic Equilibrium Model. He emphasized that the involvement of international experts will enhance the model’s adequacy.
In addition to the Azerbaijani delegation, representatives from governmental bodies, think tanks, and academic institutions from Kazakhstan and Kyrgyzstan also participated in the seminar, fostering regional collaboration in economic modeling and forecasting.
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