BAKU, Azerbaijan, May 31. Eurasian Development Bank (EDB) shared an updated Kyrgyzstan’s GDP growth forecast for 2022-2023, Trend reports citing EDB’s report.
Kyrgyzstan’s GDP growth is expected at 1.1 percent in 2022. The main slowdown factor in the current year is the fall in the volume of remittances incoming to the country against the backdrop of Russia's economic recession.
Moreover, water shortage in Kyrgyzstan will limit output in agriculture and the energy sector. In addition, gold mining in the current year will be slightly below the level of the previous year, which will also negatively impact on Kyrgyz economy.
However, when the economy of Kyrgyzstan adjusts to the new circumstances, GDP growth will accelerate to 1.6 percent in 2023. The reorientation of exporters and labor migrants to new markets is a key prerequisite for Kyrgyzstan.