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Economy of Kyrgyzstan switches from production to services sector

The economy of Kyrgyzstan has switched from agriculture and production to the services sector with low added value. This was announced today at a meeting of the parliamentary committee on the fuel, energy complex and subsoil use by the World Bank Country Manager for Kyrgyzstan Bolormaa Amgaabazar.

According to her, Kyrgyzstan has adapted well in the post-Soviet period. However, the country needs a new model of development for the growth of the private sector, coming of the economy out of the shadow, increase in the employment.

«Kyrgyzstan has always relied on revenues from gold mining and remittances from labor migrants. However, this undermines competitiveness,» Bolormaa Amgaabazar explained.

She added that the switch of the economy from production to the services sector led to a low growth dynamics.