The European Bank of Reconstruction and Development predicted a 3.9 percent GDP growth in Kyrgyzstan in 2009, but did not exclude that pace of economy development would become slower, Rika Ishii chief economist of the organization said while presenting a report on Wednesday, February 18.
The slowdown of economy growth in Kyrgyzstan as to EBRD is closely connected with the world crisis influence and its impact on Russia and Kazakhstan. “Kyrgyz economy is closely connected with economies of Russia and Kazakhstan, that is why the future is unattractive,” the expert said.
Decrease in Russian and Kazakh economies will lead to reduction of money transfers from these countries by labor migrants. The amount of transferred sums to Kyrgyzstan makes up about 25 percent of the Kyrgyz GDP. Meanwhile, 90 percent of transfers are received from Russia and Kazakhstan.
According to EBRD, the growth of consumer prices in Kyrgyzstan will come to 13.1 percent in 2009, while inflation can hold down the increase in gas import prices and devaluation of the national currency, Rika Ishii explained.
