Azerbaijan, Baku, Nov. 10 / Trend /
The Kyrgyz economy is recovering at the expense of gold, tourism and agriculture, IMF Resident Representative in the Kyrgyz Republic Koba Gvenetadze said at a news conference on Thursday, KirTAG reported.
"The Kyrgyz economy is recovering due to gold mining, high inflow of tourists and boosting agriculture. Recovery of the economy also contributed to the strengthening of tax administration and tax revenues from gold mining. The tourism sector has also made a significant contribution to the economy. This also contributed to remittances from abroad, particularly from Russia and Kazakhstan," Mr. Gvenetadze said.
He said the GDP growth has also increased due to tighter monetary policy and recovery in trade.
"The country's economy is recovering rapidly after the 2010 political turmoil and economic downturn. In particular, GDP growth hit 9 percent for 10 months of 2011 and hit more than 215 billion soms. The rate of inflation decreased and amounted to 9 percent for 9 months of 2011. the figure is expected at 7 percent by late 2011," he said.
He said the main factors reducing inflation in Kyrgyzstan are timely tightening of monetary policy by the National Bank, rise in agriculture and business recovery, as well as moderate world prices for food products.