World Bank Highlights Key Steps For Kyrgyz Growth

(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, June 13. The World Bank (WB) suggests that Kyrgyzstan should roll up its sleeves and get down to brass tacks to boost its economy. By greasing the wheels for starting and running businesses, fostering a level playing field, and rolling out the red carpet for foreign investment, the country can really hit the ground running, Trend reports via the World Bank's latest Country Economic Memorandum (CEM).

The bank's report highlights that complicated regulations and weak competition are holding back economic growth and job creation.

It also advises the government to reduce trade barriers, improve logistics, and strengthen cooperation with neighboring countries to open new market opportunities. Additionally, the WB emphasizes the importance of better education and training to equip workers with skills needed for today's industries.

The report points out that while Kyrgyzstan's economy has grown steadily in recent years, much of the growth relies on mining and extractive industries, which limits job opportunities and productivity gains. Many workers remain employed in informal, low-paying jobs, making it crucial for the country to diversify its economy and create more formal, well-paying employment.

The analysis indicates that incremental adjustments will be insufficient-these transformations must be synergistically implemented to foster enhanced employment opportunities, broaden the economic spectrum beyond extractive industries, and secure sustainable growth trajectories for Kyrgyzstan.

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