BAKU, Azerbaijan, April 4. Asian Development Bank (ADB) forecasts Kyrgyzstan’s GDP growth at 4.5 percent in 2023, Trend reports citing the Asian Development Bank’s outlook.
The bank expects GDP growth of the country to slow down to 4 percent in 2024.
According to the bank, growth accelerated in 2022, reflecting a rebound in gold production, strong domestic demand, and milder-than-expected impact on the economy from the war in Ukraine.
Meanwhile, the bank expects inflation in Kyrgyzstan to slow down to 12 percent in 2023 and to 8.6 percent in 2024.
“Growth and inflation are expected to moderate over the forecast period, with diminishing external inflow of funds and less favorable conditions for trade partners,” the ADB said.
The bank added that Kyrgyzstan needs pension reform for more sustainable and inclusive growth.
Meanwhile, the National Bank of Kyrgyzstan expects GDP growth in the country at 3.4 percent in 2023, and at 3.8 percent in 2024.
Kyrgyzstan’s GDP grew by 7 percent in 2022, the main contribution to the economy came from gold-mining sector.
Asian Development Bank has been operating in Kyrgyzstan since 1994. The bank has provided to the country the projects and financial assistance totaling $2.41 billion as of April 2022. The ADB’s operation in Kyrgyzstan includes improving the country’s business environment, providing access to affordable finance, improving of the reliability of electricity services, enhancing transport connectivity and others.