BAKU, Azerbaijan, November 23. The economy of Kyrgyzstan is strongly growing this year, Trend reports citing the Transmission Report 2022-2023 of the European Bank for Reconstruction and Development (EBRD).
The EBRD noted that amid strong growth in industrial production, retail and wholesale trade, trucking, and hospitality in 9 months of this year Kyrgyzstan's GDP increased by 7.2 percent over the same period in 2021.
According to the EBRD's latest projections, Kyrgyzstan’s GDP growth is expected at 7 percent in both 2022 and 2023.
"The economy stands to gain from increased re-export opportunities, the relocation of Russian companies and individuals, including information technology (IT) developers and entrepreneurs. Nevertheless, downside risks remain, mostly related to rising inflation, high reliance on remittance from Russia, and other regional and global shocks," the EBRD said.
Remarkably, the EBRD has been cooperating with Kyrgyzstan since 1992. In total, the bank has invested more than 900 million euros to implement 213 projects throughout the country.