Kazakhstan has already made great progress: McKinsey Global Institute

ASTANA. KAZINFORM - Jonathan Woetzel, Director at the McKinsey Global Institute, shared on Friday his view on the economic development in Kazakhstan and the world in an interview with Kazinform correspondent on the sidelines of the Astana Economic Forum 2018: Global Challenges Summit, Kazinform reports

Mr. Woetzel, in your opinion, which countries of the world are attractive for investment? In what areas?

I think the biggest countries for investment are the United States and China, the largest economies in the world. In terms of being attractive, actually, it is cities and clusters that are being invested. So, I would say what cities are attractive. And from that point of view, I think we have many great cities whether it is Moscow, Shanghai or Astana. But, there are many tremendous opportunities for cities to differentiate themselves, to make them more attractive by becoming more competitive. Every city has its own unique competitiveness.

Will China become a major economic superpower?

Well, I think it is clear that China will continue to grow as an economy, and, as a result, will become the largest economy in the world. It is the question of when not whether. Maybe it is 5 years, maybe it is 50 years. That means that other economies will also grow, whether it is the U.S., India, or Europe that we will see a multipolar world. One of the features of a multipolar world is different systems, many different systems competing for development in the world.

In your view, what challenges does the global economy face nowadays?

The main challenge is resilience because things are changing very fast. The global economy is becoming much more organized, much more digitized, and much more connected. All of this means that economic, social and environmental changes happen faster. So, the biggest challenge is how do we quickly react to those changes, how do we respond to threats like climate change, how do we take advantage of opportunities like artificial intelligence, and how do we include more of our citizens in the economic growth of the global system. How fast we do that, how well we do that will mean the difference between success and failure.

What is your assessment of the importance of the Five Social Initiatives announced by President of Kazakhstan Nursultan Nazarbayev?

I think the initiatives are very consistent with the goal of developing an economically, socially, and environmentally advanced society. It is a good direction for any country, and I think particular for Kazakhstan at this moment. I believe that the country has already made great progress over the last two decades, has outperformed most other economies in the world. And now we have to look forward to the next step of opportunities and challenges.

Thank you for the interview.