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National Bank of Kyrgyzstan predicts economic growth of 6.2 percent in 2021

GDP growth in Kyrgyzstan is expected to reach 6.2 percent in 2021. The National Bank of the country provides such data in the report on its monetary policy.

Taking into account emerging trends in the development of economies of the trading partner countries in 2021-2022, as well as the dynamics of prices in world commodity markets, a forecast of the main macroeconomic indicators of the republic’s development for 2021-2022 was developed in the medium term.

«Consequences of the restrictive measures during the COVID-19 pandemic: a decrease in demand from trading partner countries, complication of border crossing procedures for goods and passengers, corresponding slowdown in the inflow of remittances into the country were the reasons for the continued negative GDP gap throughout 2021. Resumption of economic growth in the countries — trading partners this year will be supported by the recovery in oil prices and expansion of state stimulating programs, which will lead to an increase in external demand and support the economic recovery of the Kyrgyz Republic,» the National Bank says.

Therefore, the central bank expects that, excluding enterprises developing Kumtor mine, real GDP growth in 2021 is expected to be about 6.9 percent. Taking into account assumption of a trend towards recovery of economic activity, the growth rate of real GDP is expected to reach about 6.1 percent in 2022, excluding Kumtor — 6.6 percent.