The GDP growth of Kyrgyzstan in 2022 will be 3.1%, experts of the Eurasian Development Bank predict. The EDB reviewed the results of the economic development of Kyrgyzstan in 2022 and drew appropriate conclusions.
In 2023, the economy of Kyrgyzstan can grow by 3.5%, in 2024 by 4.2%. The economy will be supported by measures of the fiscal policy of the state, according to the Eurasian Bank.
“The increase in output in the gold sector will also give impetus to economic growth. At the same time, assumptions about the expected volumes of gold production are hereinafter associated with a high degree of uncertainty. Business activity in the services sector may increase due to increased demand from non-residents, which in turn will be the reason for the reorientation of tourist routes. We believe that the number of tourists from Russia to Kyrgyzstan will increase due to the closure of a number of other destinations for Russian citizens,” bank analysts say.
The trend of accelerating growth will continue in 2024. The key factor will be an increase in gold production. An additional positive impact will have a gradual exit of the world's key economies from recession.
Inflation in Kyrgyzstan in 2022 may reach 14%. But already in 2023 it will slow down to 5.2%, and in 2024 it will be 4.8%.
“The strengthening of the som exchange rate, which began in mid-spring 2022, will partly offset the effect of external pro-inflationary factors in early 2023. High prices on world food markets and delays in deliveries will continue to put upward pressure on domestic prices in Kyrgyzstan in the first half of next year. And in the second half of the year, as the situation in the external sector stabilizes, the rate of slowdown in inflation will increase,” the bank’s macroeconomic review says.
CentralasianLIGHT.org
Nov. 30, 2022