Kyrgyzstan's Economic Growth To Slow In 2023, Recover Slightly In 2024 - ADB
Date
9/21/2023 9:18:03 AM
(MENAFN- AzerNews) The Kyrgyz Republic's Economy is projected to grow more slowly
in 2023 due to a slowdown in Gold production and the impact of
unfavorable weather on agriculture, despite strong performance of
services, according to a new Asian Development bank (ADB) report, Azernews reports, citing Kabar.
The Asian Development Outlook (ADO) September 2023 projects the
Kyrgyz Republic's gross domestic product (GDP) growth rate to be
3.8% in 2023, lower than ADB's previous forecast of 4.5%, on the
back of slower-than-expected growth in the first 7 months of the
year. The Central Asian nation's economic growth is expected to
accelerate slightly to 4% in 2024.
“The outlook remains subject to heightened uncertainty and
downside risks from a net reversal of capital flows, lower than
projected economic growth in the Russian Federation, lower
remittances, or secondary sanctions," said ADB Country Director for
Kyrgyz Republic Zheng Wu. "In this context, policy reforms must
continue to raise the country's growth potential and build
resilience to future shocks.”
Inflation subsided in the first 7 months of 2023 as global food
and energy prices began to decline. Projected annual inflation
remains at 12% for 2023 and is expected to decelerate to 8.6% in
2024.
This year, ADB launched a new 5-year country partnership
strategy (CPS) for the Kyrgyz Republic to support the country's
development priorities by fostering inclusive, resilient, and
private sector-led growth. Since the Kyrgyz Republic joined ADB in
1994, the bank has committed 208 public sector loans, grants, and
technical assistance totaling $2.5 billion to the country.
ADB is committed to achieving a prosperous, inclusive,
resilient, and sustainable Asia and the Pacific, while sustaining
its efforts to eradicate extreme poverty. Established in 1966, it
is owned by 68 members-49 from the region.
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