Kyrgyz Republic: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kyrgyz Republic

Kyrgyz Republic: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kyrgyz Republic
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Volume/Issue: Volume 2024 Issue 064
Publication date: March 2024
ISBN: 9798400269424
$20.00
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Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , staff appraisal , Kyrgyz authorities , policy recommendation , January monetary policy meeting , headline inflation , Debt sustainability analysis , Government finance statistics , Global

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Summary

The new trade and labor migration patterns that emerged since the start of Russia’s war in Ukraine have provided an unexpected boost to growth. Tax revenue increased considerably since 2021, public debt declined below 50 percent of GDP by end-2022, and inflation while still elevated has decelerated into the single digits in 2023. The authorities should take advantage of these generally favorable macroeconomic conditions to strengthen their policy framework and advance structural reforms on multiple fronts to build resilience, support higher and more inclusive growth, and mitigate the risks from heightened global uncertainty.