BISHKEK, Kyrgyzstan, September 21. ADB (the Asian Development Bank) anticipates that Kyrgyzstan's GDP growth rate in 2023 will reach 3.8 percent, which is a decrease compared to the April forecast of 4.5 percent, Trend reports.
The ADB's economists have not changed their forecast for the GDP growth rate in 2024, keeping it at 4 percent.
Bank analysts have pointed out that a slowdown in gold production had a negative impact on growth during the same months of 2023.
It was noted that the GDP growth rate declined to approximately 2.9 percent from January through July 2023, which is a decrease from the 6.4 percent recorded during the corresponding period in the previous year.
"With lower-than-expected growth in the first seven months of 2023, this update reduces projected growth for 2023 but maintains the ADB’s April forecast for 2024 amid the lagged effect of expansionary fiscal policy," the bank said.
According to the ADB, growth might slow down if there's less money coming into the country, the Russian economy doesn't grow as expected, there are lower remittances, or there are secondary sanctions. On the other hand, things could get better if trade keeps growing and more Russian citizens arrive in Kyrgyzstan.