Kyrgyzstan’s Economy Grew Strongly in 2022 and So Far in 2023, Says IMF

Kyrgyzstan’s Economy Grew Strongly in 2022 and So Far in 2023, Says IMF

The economy of Kyrgyzstan performed strongly in 2022, expanding at 6.3% despite the headwinds from the difficult regional environment. Tax revenue improved sharply, and public debt declined to 49% of GDP. Headline inflation fell from 14.7% in December 2022 to 9.2% in October 2023, Nikoloz Gigineishvili, head of an International Monetary Fund (IMF) mission that held consultations with the Kyrgyz Republic during November in Bishkek said in a statement on December 4th.

The current account deficit widened significantly to 43.6% of GDP in 2022 as non-oil imports increased by 26% of GDP and gold exports were suspended, while re-exports to Russia were not captured in official statistics, the statement said. Growth is expected to remain at around 4% in the medium term, and inflation to decline to mid-single digits. However, further escalation of the war in Ukraine and secondary sanctions which could further weaken the Russian economy and result in the return to Kyrgyzstan of migrant workers could  reduce trade and growth, the IMF statement concludes.

Stephen M. Bland

Stephen M. Bland

 Stephen M. Bland is a journalist, author, editor, commentator and researcher specialising in Central Asia and the Caucasus. Prior to joining The Times of Central Asia, he has worked for NGOs, think tanks, as the Central Asia expert on a forthcoming documentary series, for the BBC, The Diplomat, EurasiaNet, and numerous other publications.
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Published in 2016, his book on Central Asia was the winner of the Golden Laureate of Eurasian Literature. He is currently putting the finishing touches to a book about the Caucasus.
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www.stephenmbland.com

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