Economic growth rate in Kyrgyzstan averages over 7% for last 3 years - PM

BISHKEK. April 25 (Interfax) - The economic growth in Kyrgyzstan was ensured by all sectors of the economy last year, Kyrgyz Prime Minister Akylbek Japarov said at a Presidential Executive Office board meeting on Thursday.

"We doubled the country's GDP. The economic growth rate has averaged over 7% for the past three years, indicating that the economy is gradually adapting to the current post-coronavirus [epidemic] and geopolitical situation and moving towards sustainable development," Japarov said.

The International Monetary Fund has revised its forecast for Kyrgyzstan's economic growth, while the World Bank has also improved its forecast for the Kyrgyz economy, he said.

"According to a survey by the International Republican Institute (IRI), the level of support for the Kyrgyz president's policy stands at 82%, which is a really strong mandate for the government to pursue further bold transformations. As far as I understand, this is a record level not only in the history of our country, but also worldwide today," Japarov said.

The Kyrgyz Ministry of Economy and Commerce projects that the gross domestic product will exceed 1,410 trillion som ($15.7 billion) in 2024, with real growth expected at 6%. The inflation rate has fallen from 13.9% to 10.8% in 2023 and is projected to be between 5.5% and 6.5% by 2024.

"We ended the first quarter of 2024 with a 8.8% surge and have almost tripled the budget revenues. The consolidated budget exceeded 575 billion som ($6.4 billion) in 2023 and 600.7 billion som ($6.7 billion) is planned for 2024, but the Finance Ministry forecasts exceeding this figure. In the next three years, there are good forecasts for the budget to approach 1 trillion som ($11.2 billion)," Japarov said.