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Kyrgyz economy to grow by 3.8 % in case of absence of new COVID-19 wave

The Kyrgyz economy is expected to resume growth in 2021, but the degree of uncertainty remains high. The final statement of the staff of the International Monetary Fund following consultations with the authorities says.

In case of absence of a new wave of the pandemic, the economy is projected to grow by 3.8 percent in 2021 and by 6.4 percent — in 2022. Improved prospects for development of the global economy, recovery in domestic economic activity, increase in gold production, growth of remittances from neighboring oil-exporting countries, as well as a revival in tourism, transport and related services will contribute to this.

«In the medium term, the growth rate should gradually reach its potential level of 4 percent. Annual inflation rates will remain high in the coming months due to the low base effect. But by the end of 2021, it will decline to about 7.4 percent and then return to the target range of the central bank of 5-7 percent,» the statement says.