BAKU, Azerbaijan, June 8. The World Bank shared an updated Kyrgyzstan’s GDP growth forecast for 2022-2023, Trend reports referring to the World Bank's (WB) report.
According to WB, Kyrgyzstan's GDP growth is expected at - 2 percent in 2022, before strengthening to 3.4 percent in 2023. The main slowdown factor in the current year is the prolonged and intense military conflict between Russia and Ukraine.
Moreover, the economies of such Europe and Central Asia (ECA) countries as Kyrgyzstan, Belarus and Moldova, apart from Tajikistan, Ukraine and Russia are expected to drop off in 2022.
"The war is magnifying the risks of debt distress in Kyrgyzstan and Tajikistan. Both countries are expected to experience output contractions this year, wider fiscal and external current account deficits, and sharp currency depreciation" the WB says.