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Cabinet expects economic growth in Kyrgyzstan of 4.5 percent in 2023

Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Japarov held a meeting of the Coordinating Council for Macroeconomic and Investment Policy. Press service of the Cabinet reported.

The main macroeconomic scenarios for the development of Kyrgyzstan were discussed, and the report of the Minister of Economy and Commerce was heard.

The head of the Cabinet noted that in the context of economic instability and uncertainty, some international institutions had previously predicted a fall in the country’s gross domestic product.

«Despite these forecasts, the national economic growth rate showed a positive trend throughout the reporting period. At the end of 2022, the republic’s GDP, according to preliminary statistics, amounted to 919.4 billion soms, the real growth rate was 7 percent. We have confidently approached the mark of 1 trillion soms,» he said.

Akylbek Japarov added that this year the International Monetary Fund revised the forecast for economic growth in Kyrgyzstan from 3.2 to 3.5 percent in 2023 and 3.8 percent in 2024. The World Bank also improved its outlook for the domestic economy. For the current year, a growth of 3.5 percent is projected instead of the previous 3.4 percent, for 2024 — 4 percent.

Following the meeting, it was decided to support the proposed baseline scenario for the country’s social and economic development, according to which the economic growth rate is expected to be 4.5 percent in 2023.

The Coordinating Council for Macroeconomic and Investment Policy was established in April last year. It is a consultative and advisory body that ensures the adoption of coordinated decisions on the development and implementation of macroeconomic and investment policies.