BISHKEK, Kyrgyzstan, March 7. The International Monetary Fund (IMF) has projected Kyrgyzstan's real GDP growth to reach 4.4 percent in 2024, Trend reports.
According to the IMF forecasts, the country's real GDP growth will reach 4.2 percent in 2025 and 4 percent in each subsequent year through 2028.
Additionally, nongold real GDP growth is anticipated to stand at 4.3 percent in 2024 and 2025 and 4.1 percent in 2026, 2027, and 2028.
The IMF also anticipates an upward trend in GDP per capita, with figures expected to reach $1,949 in 2024, $2,058 in 2025, $2,149 in 2026, $2,226 in 2027, and $2,289 in 2028.
Despite challenges posed by the regional environment, the IMF acknowledges Kyrgyzstan's robust economic growth in 2023, particularly driven by the construction and trade sectors.
The IMF underscores the need for Kyrgyzstan to capitalize on current favorable macroeconomic conditions to strengthen policy frameworks and pursue structural reforms. Priorities include governance enhancement, privatization of state-owned enterprises, competition improvement, electricity sector reform, and reinforcement of social safety nets. Early reform efforts are deemed crucial for unlocking concessional external financing.
The IMF's Executive Board Assessment commends the country's efforts to maintain macroeconomic stability, particularly amidst external pressures. However, the directors caution against complacency, highlighting significant risks associated with the war in Ukraine, geopolitical tensions, and climate change.
The Ministry of Economy of Kyrgyzstan reports that the country's GDP surpassed 1.2 trillion soms ($13.4 billion) in 2023, with a real growth rate of 6.2 percent.