The World Bank forecasts GDP growth in Kyrgyzstan at 3.5 percent in 2023. The October World Bank (WB) review for the Europe and Central Asia says.
According to the review, Kyrgyzstan’s GDP growth in 2024-2025 will be 4 percent.
«Kyrgyzstan’s GDP growth is predicted at 3.5 percent in 2023 due to a slowdown in agricultural production. Fiscal results in the first half of 2023 were favorable thanks to improved revenue indicators, but due to increased spending, a slight increase in the budget deficit is expected,» the WB says.
According to WB estimates, average annual inflation in Kyrgyzstan this year will slow down to 12 percent, in 2024 — to 10 percent, in 2025 — to 7 percent.
«In 2023, high food prices, employment insecurity and declining remittances will continue to be the biggest challenges to people’s well-being. The deterioration of the situation in the Russian economy may lead to a further reduction in remittances. Stricter enforcement of existing international sanctions against Russia or the imposition of secondary sanctions against citizens of Kyrgyzstan are possible. Companies can significantly affect trade and domestic economic activity. The domestic political situation remains sensitive to the upcoming increase in tariffs for electricity and other utilities,» the bank says.
