Kyrgyzstan’s GDP is expected to grow by 4.6 percent in 2023 and 7 percent in 2024. September report Regional Economic Outlook of the European Bank for Reconstruction and Development (EBRD) says.
It should be noted that the forecast was lowered compared to the May data. Earlier, the bank expected the economy of Kyrgyzstan to grow by 7 and 7.2 percent, respectively.
The EBRD stresses that in the first seven months of this year, economic growth slowed down to 2.9 percent, compared to the same period of 2022 due to a reduction in the production of metals (mainly gold) and a slowdown in the agricultural sector. At the same time, due to strong external demand, there was a significant jump in the development of the textile industry. A significant growth in tourism was registered, which in turn has led to growth in food production, hospitality sector, retail and wholesale trade.
«The country’s economic growth may be limited by water and energy scarcity, as well as secondary sanctions to which the republic may be subject due to its active participation in intermediary trade with Russia,» the report says.
