Kyrgyz Republic : Moderating Growth and a Challenging Outlook

Political developments at home and abroad have been prominent this year. Domestically, a new government was formed quickly after one of the coalition parties withdrew the support to Prime Minister Satylbaldiev in March, 2014. The new government, le...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCOUNTING ADVERSE IMPACT AGRICULTURE ARREARS BALANCE OF PAYMENTS BANKING SECTOR BARLEY BASIS POINTS BROAD MONEY BUDGET DEFICIT BUFFERS BUSINESS ENVIRONMENT CAPACITY CONSTRAINTS CAPITAL ADEQUACY CASH HOLDINGS CENTRAL BANK COMMERCIAL BANKS COMMODITY COMMODITY EXPORTS COMMODITY PRICES COMPETITIVENESS COMPLIANCE COSTS CONNECTIVITY CONSOLIDATION CONSUMERS CONSUMPTION GROWTH CORE INFLATION CREATION OF JOBS CREDIT EXPANSION CREDIT FACILITY CREDIT GROWTH CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CUSTOMS DUTIES CUSTOMS UNION DEBT DEBT FINANCING DEMAND FOR CREDIT DEPOSIT DEPOSITS DEPRECIATION DEVALUATION DEVELOPMENT BANK DEVELOPMENT PROJECTS DEVELOPMENT STRATEGY DISBURSEMENTS DISCOUNT RATE DISPOSABLE INCOME DOMESTIC DEMAND DOMESTIC PRICES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC SLOWDOWN ECONOMIC TRANSACTIONS ELASTICITY EQUIPMENT EXCHANGE RATE EXCHANGE RATE POLICIES EXPENDITURE EXPENDITURES EXPORT VOLUME EXPORTERS EXPOSURE EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEMAND EXTERNAL SHOCKS EXTREME POVERTY FINANCIAL FLOWS FINANCIAL INFLOWS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL SECTOR FINANCIAL SECTOR INDICATORS FINANCIAL SERVICES FISCAL BALANCE FISCAL DEFICIT FISCAL POLICY FLOATING EXCHANGE RATE FLOATING EXCHANGE RATE REGIME FOOD PRICE FOOD PRICES FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INFLOWS FOREIGN LOANS FOREIGN TRADE FRAUD GDP GDP PER CAPITA GEOPOLITICAL TENSIONS GOLD GOLD PRICES GOVERNMENT BORROWING GOVERNMENT DEBT GOVERNMENT INVESTMENT GOVERNMENT POLICY GOVERNMENT SPENDING GROWTH RATE GROWTH RATES HUMAN CAPITAL HUMAN DEVELOPMENT IMBALANCE IMPORT IMPORTS INCOME TAX INFLATION INFLATIONARY PRESSURES INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL PRICES INTERNATIONAL RESERVES INVESTMENT LEVELS INVESTMENT PROJECTS ISSUANCE JOB CREATION JUDICIAL REFORM JURISDICTIONS LABOR FORCE LABOR MARKET LABOR MARKETS LAW ENFORCEMENT LIQUIDITY LOAN LOSS OF REVENUES M2 MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET ACCESS MARKET DEVELOPMENT MARKET EFFICIENCY MARKET SHARE MARKET SIZE METALS MONETARY AGGREGATES MONETARY CONDITIONS MONETARY POLICY MONEY SUPPLY NATIONAL BANK NATURAL RESOURCE NET CAPITAL NOMINAL EXCHANGE RATE NON-PERFORMING LOANS OIL OIL PRICES OUTPUT PENSION PENSION REFORMS PENSIONS POPULATION GROWTH PORTFOLIO POVERTY REDUCTION PREFERENTIAL ACCESS PRICE CHANGES PRICE INCREASES PRICE STABILITY PRIVATE SECTOR DEVELOPMENT PRODUCERS PRODUCTION COSTS PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SPENDING PURCHASING POWER RAPID CREDIT EXPANSION RAPID EXPANSION RAPID GROWTH RE-EXPORTS REAL APPRECIATION REAL EFFECTIVE EXCHANGE RATE REAL EXCHANGE RATE REAL EXPORT REAL GDP REAL IMPORT REAL WAGES REGISTRY SYSTEMS REGULATORY REFORM REMITTANCES REMUNERATION RESERVE RESERVE ACCUMULATION RESERVE MONEY RESERVES RESOURCE MANAGEMENT RETURN RETURN ON ASSETS SECTOR REFORM SECTOR REFORMS SETTLEMENT SHORTFALL SLOWDOWN SOCIAL FUND STRONG DEMAND STRUCTURAL REFORMS SUPPLY DISRUPTIONS SURPLUS TARIFF POLICIES TARIFFS ON IMPORTS TAX TAX COLLECTION TAX POLICY TAX RATES TAX REVENUES TAXATION TELECOMMUNICATIONS TERMS OF TRADE TOTAL EXPORTS TRACK RECORD TRADE BALANCE TRADE DEFICIT TRADE FACILITATION TRADE RELATIONS TRADING TRADING PARTNERS TRANSBOUNDARY RIVER BASINS TRANSPARENCY TREASURY TREASURY BILL TREASURY BILL RATE TREATY UNCERTAINTY UNEMPLOYMENT UNEMPLOYMENT RATE VOLATILITY WAGE GROWTH WEIGHTS WHOLESALE MARKETS WITHDRAWAL
Online Access:	http://documents.worldbank.org/curated/en/2014/01/20317273/kyrgyz-republic-moderating-growth-challenging-outlook http://hdl.handle.net/10986/20673

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Summary:	Political developments at home and abroad have been prominent this year. Domestically, a new government was formed quickly after one of the coalition parties withdrew the support to Prime Minister Satylbaldiev in March, 2014. The new government, led by Prime Minister Djoomart Otorbayev, represents the same coalition of political parties providing continuity on most policies but also a fresh momentum for reforms in key sectors. The next round of parliamentary elections is scheduled for the autumn 2015. Internationally, the Kyrgyz Republic has made firm commitments towards accession to the Customs Union of Belarus, Kazakhstan and Russia while tensions have appeared in relations with some neighbors. Growth has slowed down significantly and we have revised our projection for real GDP growth to 3 percent for 2014 as a whole from the 4 percent we projected in April. Despite robust government investment and gold exports, economic activity has moderated as the slowdown in Russia, the winding down of operations at the Manas Transit Center and increased tensions in trade relations with neighbors are affecting remittances and non-gold exports. Economic activity has been further affected by the poor agriculture harvest while difficulties expected in ensuring stable energy supply in the winter may add a further drag on activity in the rest of the year. Fast growth rates in credit to the private sector and in construction are leveling off as businesses report a more difficult operating environment.

Kyrgyz Republic : Moderating Growth and a Challenging Outlook

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