GDP of Kyrgyzstan to continue to grow at 7% per year next couple of years - EBRD forecast

Bishkek, Feb. 20, 2023. / Kabar /. The European Bank for Reconstruction and Development (EBRD) has updated its forecast for the growth of the in 2023-2024. The economy of Kyrgyzstan will be able to maintain high growth rates in the medium term - but not without the participation of Russia. The Economist has reviewed the EBRD's data and findings.

Thus, the EBRD expects output in Central Asia to grow by 4.9% in 2023. This slight upward revision from September reflects higher high oil and gas prices for commodity exporters, higher labor, capital and remittance inflows, and growth in intermediary trade.

Output growth is expected to pick up to 5.4% in 2024, driven by planned infrastructure investment, high commodity prices and the relocation of highly skilled professionals and entire businesses from Russia to Central Asia.

The EBRD forecasts that Kyrgyzstan's GDP will grow by 7% in 2023, and accelerate to 7.2% in 2024. The economies of Kazakhstan, Uzbekistan and Turkmenistan will show less growth in the next two years. And the economies of Mongolia and Tajikistan, on the contrary, will bypass the Kyrgyz Republic in terms of growth rate.