Kyrgyz Republic Economic Update
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Washington, DC: World Bank
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In the first half of 2023, real
economic growth in the Kyrgyz Republic decelerated to 3.9
percent, down from 6.3 percent in 2022, due to a decline in
remittance receipts and a cyclical slowdown in gold and
agricultural production. The slowdown in growth this year
has generally mirrored the trends in most other economies in
the Caucasus and Central Asia. It is mainly attributable to
the reversal of favorable cyclical factors on the supply
side of the economy, which had boosted output of agriculture
and gold in 2022, and a reduction of 29 percent in
remittance receipts (most of which are sourced from Kyrgyz
migrant workers in Russia), which constrained household
consumption on the demand side. Tourism and the emergence of
a substantial transit trade with Russia have supported
growth in some of the service industries, and there were
also indicators of a recovery of fixed investment
expenditures in the first half of 2023. The stabilization of
food prices will also benefit from supply-side measures to
address market failures and improve the overall performance
of the agricultural sector. These include, among others,
improving the functioning of input markets and service
provisions (for example, agricultural advice, transport, and
marketing services), reducing high transaction costs
(associated with access to essential inputs and services
such as water, electricity, extension services, and
logistics), and addressing information asymmetries leading
to weak linkages between small farms and enterprises.
Government interventions in these areas are needed to
improve small farmers and agri-food processors’ access to
markets and to create more opportunities to capture value
and improve their livelihoods.
Palabras clave
SDG 8, INFLATION, MONETARY POLICY, FOOD PRICE