Kyrgyzstan’s economy to grow 4.6% in 2023 and 7% in 2024, EBRD says

Central Asia’s economies grew rapidly in the first half of 2023, aided by the restoration of foreign commerce and tourism, as well as significant levels of migration and remittances from Russia, according to the European Bank for Reconstruction and Development’s (EBRD).

“The GDP growth in the region is likely to remain robust at 5.7 percent in 2023 and 5.9 percent in 2024,” EBRD said.

Kyrgyzstan economic growth

The Kyrgyz Republic’s GDP is expected to grow by 4.6% in 2023 and 7% in 2024.

Kyrgyzstan’s economic growth slowed to 2.9% year-over-year in the first seven months of 2023 due to a contraction in metal production (mostly gold) and the agricultural sector, according to “EBRD.”

Meanwhile, the domestic textile sector has boomed thanks to strong external demand.

“There is a significant expansion in the tourism sector, which led to growth in food production, hospitality, retail, and wholesale trade,” the European Bank for Reconstruction and Development said.

“Kyrgyzstan’s prospects may be worsened by energy and water shortages as well as secondary sanctions linked to the Republic’s huge role in trade with Russia,” EBRD warned.