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ADB forecasts 3.5 percent economic growth in Kyrgyzstan in 2018

According to the forecasts of the Asian Development Bank, the economic growth of Kyrgyzstan in 2018 will be moderate — 3.5 percent. The new annual report of ADB, presented today, says.

The moderate economic growth is related to the expected reduction in production at Kumtor gold mine. Due to some improvement in the domestic economy and sustainable economic development in the Central Asian region, Kyrgyzstan’s GDP growth in 2019 will reach 4 percent.

Improvement of the indicators in processing of agricultural products, light industry and, to some extent, construction will contribute to GDP growth rates.

As for demand, higher amounts of remittances will increase household incomes and, as a result, private consumption. In the long term, the country should benefit from an increase in the volume of foreign trade and the free movement of labor, capital and services through membership in the Eurasian Economic Union.

«The inflow of remittances may increase by other 20-25 percent in 2018-2019. This reflects favorable conditions for labor migrants from Kyrgyzstan under the agreement on EEU,» the Asian Development Bank Country Director for Kyrgyzstan Candice McDeigan noted at the presentation of the report.