The Eurasian Development Bank has changed its forecast for economic growth and consumer prices in Kyrgyzstan for 2023 upwards. The data is contained in the June macroeconomic review of the EDB, Economist.kg reports.
GDP growth in Kyrgyzstan this year will be 4.2%, EDB predicts. Prior to this, the bank predicted the growth of the economy of Kyrgyzstan at the end of the year at the level of 3.5%.
“Economic activity will be supported by the implementation of government initiatives aimed at diversifying the economy and strengthening investment potential, as well as expanding production capacity. Strong domestic demand and an increase in mutual trade will ensure high growth rates at the end,” the bank explained the revision of its previous forecast.
At the same time, the EDB predicts that inflation in Kyrgyzstan at the end of 2023 will be 7.1%. The April inflation forecast for Kyrgyzstan was 5.2%.
As the bank's analysts explain, the main factors driving the rise in prices in the country will be the adaptation of the economies and the recovery from the shock of early 2022, when there was a sharp increase in devaluation and inflation expectations.
CentralasianLIGHT.org
June 1, 2023