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Recession of 5.6 percent forecast in economy of Kyrgyzstan at year-end

Recession in the economy of Kyrgyzstan will be approximately 5.6 percent as a result of 2020. The Deputy Minister of Economy of Kyrgyzstan, Avtandil Alybaev, announced today at a press conference.

According to him, the construction and service sectors are in decline. As a result of eight months of this year, the decline in the construction sector reached 7.8 percent, in the service sector — 9.8 percent. But at the same time, there was an increase in agriculture by 1.8 percent and industry — by 0.2 percent.

«The situation with the coronavirus pandemic has affected all countries of the world, both developed and developing. Thus, the economic decline over eight months in Russia amounted to 4.3 percent, in Belarus — 1.3 percent, in Kazakhstan — 3 percent, in Armenia — 5.7 percent. Almost all international financial institutions have once again worsened the forecast for the recession in the global economy in 2020. In particular, the IMF worsened it by 1.9 percent and forecasts a decline in the economy up to 4.9 percent this year,» Avtandil Alybaev stressed.

«We hope that in case of a second wave of coronavirus, we will not have a strict quarantine like in the spring. In connection with the pandemic, the budget has been optimized, money is saved now, there are no travel expenses, and so on. Our situation is now gradually improving, enterprises are working, taxes should begin to flow. Work is underway to attract external financial assistance, restructure external debt,» he told.

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