Kyrgyzstan's GDP to demonstrate moderate growth in the coming years, the forecast of the European Bank for Reconstruction and Development says, Akchabar.kg reports.
According to the forecast released by the EBRD, the Kyrgyz economy will grow by 4.6% in 2023 and accelerate to 7% in 2024.
However, in the first seven months of 2023, a slowdown in economic growth to 2.9% was observed compared to the same period of the previous year. This was due to a reduction in the production of metals, especially gold, as well as a slowdown in the agricultural sector.
However, it is worth noting that, thanks to strong external demand, there has been significant growth in the textile industry. In addition, tourism continues to develop, leading to growth in food production, hospitality, and retail and wholesale trade.
However, EBRD experts warn that economic growth in Kyrgyzstan may be limited by a shortage of water and energy resources. In addition, there is a risk of introducing secondary sanctions against the country due to its active intermediary trade with Russia. These factors may influence the future dynamics of the country's economy and will require careful management of resources to maintain stable growth.
CentralasianLIGHT.org
September 27, 2023