BISHKEK, Kyrgyzstan, April 17. The International Monetary Fund (IMF) anticipates that Kyrgyzstan's current account deficit will reach 9.5 percent of GDP in 2024, Trend reports.
This forecast worsened compared to the 6.1 percent of GDP predicted by the IMF in October. Looking ahead, the IMF expects the deficit to decrease to 8 percent in 2025 and further to 5 percent in 2029.
On the other hand, the World Bank (WB) forecasts Kyrgyzstan's current account deficit to be 10.5 percent of GDP in 2024. The deficit is expected to decrease to 8.3 percent in 2025 and further to 7.7 percent in 2026.
The World Bank observes that this recovery is being driven by a rise in external demand for non-gold items, ongoing growth in service exports, and a steady rise in remittance inflows. Kyrgyzstan intends to cover the deficit via inward foreign direct investment (FDI) and external borrowing.
According to the IMF, Kyrgyzstan's current account deficit was 30.4 percent of GDP in 2023, while the WB reported it as 25.2 percent of GDP in the same year.
Kyrgyzstan's State Statistical Committee projects that the country's GDP would be 248.8 billion soms ($2.791 billion) from January through March 2024, up 8.8 percent over the same time last year.
Kyrgyzstan's GDP exceeded 1.2 trillion soms ($13.4 billion) in 2023, which is a 6.2 percent increase from 2022.
