Growth in Kyrgyzstan will slow down in 2017, but will accelerate in 2018, Tazabek reported citing the Asian Development Bank’s (ADB) Asian Development Outlook 2017.
“Growth is projected to slow to 3.0% in 2017 because of a high base in 2016 and an expected decline in output from Kumtor, the main gold mine. It is expected to recover to 3.5% in 2018 with some improvement in the domestic economy and higher growth in the country’s main regional partners, Kazakhstan and the Russian Federation,” the Bank said.
“Strong performance in gold mining and trade overcame an early slump to bring 3.8% expansion in 2016. Currency appreciation and higher remittances curbed inflation and the current account deficit. Growth is projected to slow to 3.0% in 2017 before recovering to 3.5% in 2018 with faster regional growth. Higher inflation and a wider current account deficit are likely. Eurasian Economic Union membership poses both challenges and opportunities,” the Bank said.
Growth slowed marginally to 3.8% in 2016 from 3.9% in 2015 as strong performance in gold mining and trade offset a slowdown in manufacturing, as well as spillover from recession in the Russian Federation and slower growth in Kazakhstan.
Source: akipress.org
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
