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AKIPRESS.COM - Real GDP growth is forecast to accelerate slowly to 3.9 percent by 2020, supported by all the major sectors – industry, agriculture, construction and services, the World Bank said in the country’s economic update "Weak Growth Despite Emerging Regional Opportunities".
On the demand side, growth is projected to be driven by private consumption, investment and exports.
The economy will continue to benefit from large remittance inflows and firming external demand. Strong remittances will support average consumption growth of around 3 percent in 2018–20. However, the current account deficit is projected to remain elevated at about 9 percent of GDP, reflecting structural constraints, the significant import content of public investment, and an indirect feed-through effect of remittances via imports, the World Bank said.
To rebuild fiscal buffers, the Kyrgyz authorities are committed to reducing the deficit to 3 percent of GDP by 2020.