Bishkek, April 4, 2023. / Kabar/. Experts from the Asian Development Bank predict moderate growth in the economy of Kyrgyzstan in 2023 and 2024, such data was presented in Bishkek by the ADB Permanent Mission in the Kyrgyz Republic.
The presentation was held with the participation of the diplomatic corps, experts in the field of economics and finance, as well as the banking sector of the country.
In its Asia Development Outlook 2023 report, the ADB predicts a slowdown in the country's economy to 4.5% this year and 4% next year.
ADB economist Jules Hugo said that geopolitical events can affect economic growth and inflation through remittances, exchange rate fluctuations, trade and financial ties.
At the same time, the expert pointed out that the inflation rate in Kyrgyzstan is now slowly declining to the level before the start of the COVID-19 pandemic, but, nevertheless, it still remains high for the republic.
Gulnur Kerimkulova, Senior Economist at the ADB Resident Mission in the Kyrgyz Republic, in her presentation Development Review of the Kyrgyz Republic – 2023 specified that this year inflation will slow down to 12% and to 8.6% in 2024. She called the decrease in prices for imported food products and energy carriers, as well as a decrease in demand for them.
“The growth of industry and agriculture remains at the same good level as last year. The indicator in the service sector will remain stable, while it will be supported by the growth of trade and the growing demand for the consumption of goods by relocators from Russia,” Kerimkulova added.
Also, according to the ADB forecast, the budget deficit in 2023 and 2024 may increase to an average of 2.5% of GDP, despite the fact that revenues are expected to increase due to improved tax and customs administration. At the same time, the current account deficit will narrow due to the resumption of gold exports and lower world energy and food prices.
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