Economy of Kyrgyzstan is expected to recover in the second half of 2021, but the negative effects of the COVID-19 pandemic are likely to persist. Report of the Asian Development Bank (ADB) says.
According to the Asian Development Outlook 2021 Update, the economy of Kyrgyzstan is projected to grow at 3.5 percent in 2021 and 5 percent in 2022. This is in line with the initial forecasts made earlier. However, any re-waves of the pandemic or slow rates of vaccination could undermine the country’s economic growth. Borders have not fully reopened to date, flights and traffic have not fully resumed, and business confidence remains low.
«Given the favorable outlook for Kyrgyzstan’s trading partners, we at ADB are cautiously optimistic about economic growth as the service sector recovers, even as the country continues to feel the impact of COVID-19. We continue to fully support Kyrgyzstan in its efforts to combat the pandemic and restore sustainable economic growth,» Kanokpan Lao-Araya, ADB Country Director for Kyrgyzstan said.
The Eurasian Development Bank gave another forecast earlier. According to it, the peak of economic recovery is expected in the fourth quarter of 2021 — the first quarter of 2022.
