Bishkek, June 19, 2024. / Kabar/. In Kyrgyzstan, the growth in investment in fixed capital for the 1st quarter of 2024 amounted to 66.6%, chairman of the Cabinet of Ministers of the Kyrgyz Republic Akylbek Zhaparov told at 10th MINEX Central Asia Mining and Exploration Forum in Bishkek.
He said that in Kyrgyzstan today there are positive changes in the country’s economy, as a result of which we can confidently characterize the Kyrgyz Republic as a reliable economic partner capable of fulfilling all its economic obligations.
“In recent years, the economic growth of Kyrgyzstan has demonstrated exceptionally sustainable development - the average GDP growth rate was 7%. Economic growth is ensured by all sectors. Particularly high investment activity and a record growth rate are observed in construction. Thus, in the first quarter of 2024, the growth in investment in fixed capital amounted to 66.6%, and gross construction output - 53.8%. In 2023, a historic milestone was overcome - the country’s GDP amounted to more than 1 trillion 229 billion soms (about 14 billion US dollars), which is significantly higher than in previous years. GDP per capita amounted to almost 2 thousand US dollars, while in 2020 it was only 1 thousand 230 US dollars. Thanks to prudent monetary policy, inflation slowed from 14.7% in 2022 to 7.3% in 2023. Moreover, as of May 2024, the annual inflation rate was 4.4%. As a result of fiscal reforms, the consolidated state budget has doubled over the past 3 years,” he said.
The head of the Cabinet of Ministers of the Kyrgyz Republic also noted that the Moody’s rating agency recently raised the outlook for the country’s credit rating from negative to stable and confirmed the long-term issuer ratings in national and foreign currencies at the B3 level.
“These facts, as I have already said, indicate the strengthening of the state as a reliable partner that can fulfill its financial obligations in a timely manner and in full,” concluded Akylbek Zhaparov.
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