Kyrgyzstan Economic Outlook
November 3, 2020Despite an improvement from Q2, available data suggests that the economy contracted markedly again in Q3, as the health crisis continued to subdue domestic and foreign activity. The crucial mining sector was among the hardest hit, with fossil fuel extraction plunging in the quarter, while the hospitality industry contracted heavily again. In other news, widespread protests following the 4 October general elections forced authorities to annul the results and prompted the resignation of President Sooronbai Jeenbekov on 15 October. Meanwhile, supported by protesters, Sadyr Japarov was sworn in as prime minister on 28 October, also claiming temporary presidential powers. The next parliamentary elections are expected to take place in the first half of 2021. That said, the country’s renewed political instability is likely to hinder the recovery in Q4.
Kyrgyzstan Economic GrowthGDP is seen contracting at the sharpest pace in over two decades this year, before rebounding solidly in 2021, on the back of strengthening domestic activity and recovering foreign demand. Nonetheless, the country’s significant holdings of foreign debt and recent political turmoil pose key downside risks. FocusEconomics panelists forecast GDP to grow 5.1% in 2021, which is unchanged from last month’s estimate. For 2022, the panel sees GDP growth at 5.4%.
Kyrgyzstan Economy Data
5 years of Kyrgyzstan economic forecasts for more than 30 economic indicators.
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|Exchange Rate||69.66||0.0 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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