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1、Quarterly Economic MonitorHans HolzhackerElvira KurmanalievaShiliang LuMarina(Rui)WangJuly 2025CAREC InstituteNo.17 CAREC Institute Quarterly Economic Monitor Hans Holzhacker Elvira Kurmanalieva Shiliang Lu Marina(Rui)Wang July 2025 CAREC Institute Quarterly Economic Monitor July 2025 Page 2 of 46 D

2、isclaimer This 17th issue of the CAREC Institute Quarterly Economic Monitor is co-authored by Hans Holzhacker,consultant,Elvira Kurmanalieva,Senior Economist,Shiliang Lu,Research Specialist,and Marina(Rui)Wang,Senior Research Specialist of the CAREC Institute.1 The views expressed in this Monitor ar

3、e the views of the authors and do not necessarily reflect the views or policies of the CAREC Institute,its funding entities,or its Governing 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

4、terminology used may not necessarily be consistent with the CAREC Institutes official terms.The CAREC Institute accepts no liability or responsibility 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 designatio

5、n of or reference to a particular territory or geographical area,or by using country names in the Monitor,the authors did not intend to make 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 j

6、udgment on the legal status of any territory,or any endorsement or acceptance of such boundaries,colors,denominations,or information.This Monitor is available under the Creative Commons Attribution 3.0 IGO license(CC BY 3.0 IGO)https:/creativecommons.org/licenses/by/3.0/igo/.By using the content of