17:52, 23 сентября 2022, Bishkek - 24.kg news agency , Tatyana KUDRYAVTSEVA
The Kyrgyz Republic’s economy is expected to grow by 3 percent in 2022 and by 3.5 percent in 2023 on the back of sustained growth in the first 7 months of this year and a government anti-crisis plan estimated to equal 2.5 percent of gross domestic product (GDP). The Asian Development Bank (ADB) said in an update of the Asian Development Outlook 2022.
The Russian invasion of Ukraine and resulting sanctions on the Russian Federation will constrain the outlook for growth given the Kyrgyz Republic’s close economic ties through remittances, trade, investment, and tourism.
The Asian Development Bank
According to the report, the economy grew by 7.7 percent during the first 7 months of 2022 with increases nearly across the board. Industry expanded by 17.8 percent on gains of 45.6 percent in metal processing, 27.5 percent in wood and wood products, and 12.9 percent in food and tobacco.
«While geopolitical uncertainty persists and although a major slowdown is expected in the second half of this year, our economic update nevertheless raises our growth expectations in 2022 and 2023 and sustains our forecasts for a steady current account deficit in both years,» said ADB Country Director for Kyrgyz Republic Kanokpan Lao-Araya.