Kyrgyz Republic Biannual Economic Update, Fall 2015 : Resilience Amid Turbulence
GDP grew at a rate of 6.8 percent, year-on-year (y/y), between January and August, boosted by frontloaded gold production and a strong performance of the agricultural sector. Gold output grew by 46 percent (y/y), while the non-gold GDP growth rate...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/11/25256017/kyrgyz-republic-biannual-economic-update-resilience-amid-turbulence-special-focus-meeting-jobs-challenge http://hdl.handle.net/10986/22951 |
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okr-10986-22951 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
LIVING STANDARDS MONETARY POLICY DEFICIT RISKS CUSTOMS UNION ECONOMIC ENVIRONMENT ECONOMIC GROWTH ACCOUNTING DEPOSITS STOCK MARKET DEVELOPMENTS INTEREST DEPRECIATION PUBLIC INVESTMENTS IMPORT FINANCIAL DISTRESS DEBT STOCK INTEREST RATE REMITTANCE EXCHANGE ECONOMIC DEVELOPMENTS BALANCE OF PAYMENTS LIQUIDITY DOMESTIC MARKET TAX COLLECTION ACCESS TO BANK INFRASTRUCTURE DEVELOPMENT RECESSION REVENUES WORLD DEVELOPMENT INDICATORS LOAN TAX DECLINE IN INVESTMENT FOREIGN EXCHANGE MARKETS INFLATION PENSION POVERTY REDUCTION MONETARY CONTROLS BUDGET BANK LENDING CENTRAL BANK FINANCIAL SECTOR INDICATORS DOMESTIC CONSUMPTION FOREIGN MARKETS CUSTOMS DUTIES LABOR MARKET FISCAL POLICIES TRADE BALANCE OIL PRICES INDEBTEDNESS RE-EXPORTS CURRENCY EXPORT GROWTH TOTAL IMPORT CURRENT ACCOUNT INCOME GROWTH INFLATIONARY PRESSURES FINANCES GOLD SURPLUS MARKET DYNAMICS RECURRENT EXPENDITURES OPTIONS FREE FLOAT REGULATORY SYSTEM MARKETS BARRIERS TO ENTRY DEBT PRIVATE INVESTMENT RETURN DEFICITS FINANCIAL FLOWS INFLATION RATE DOMESTIC DEBT IMPORTS DIRECT INVESTMENT LOANS RESERVES RETURN ON ASSETS FINANCE PUBLIC INVESTMENT TAXES BANK BALANCE SHEET EXPENDITURE EQUITY INCOME TAXES EXCHANGE-RATE CONSUMPTION GOOD TOTAL EXPORTS GOVERNMENT BUDGET DEBT-SERVICE DOMESTIC LIQUIDITY MARKET CONDITIONS BUDGET SURPLUS FUTURE PENSIONS IMBALANCES FOREIGN DIRECT INVESTMENT DEMAND INVESTMENT PROJECTS PUBLIC EXPENDITURES CONTRACT ECONOMY DISBURSEMENTS EXPENDITURES CURRENT ACCOUNT DEFICIT BALANCE SHEET REAL EXCHANGE RATE MARKET FOREIGN EXCHANGE PUBLIC DEBT TREASURY CREDIT RISK INSURANCE BILL OPEN MARKET GOODS SECURITY REGISTRATION SYSTEM DOMESTIC ECONOMY GROWTH RATE NATIONAL BANK INVESTMENT COMMERCIAL BANKS SHARE EXCHANGE- RATE PUBLIC FINANCES POVERTY TREATY UNCERTAINTY REVENUE EXTERNAL DEBT PROFIT INVESTMENTS LENDING RAPID GROWTH EXCHANGE RATE FISCAL DISCIPLINE PUBLIC DEBT STOCK REMITTANCES PUBLIC SPENDING COMMODITY PRICES DOLLAR VALUE CURRENT ACCOUNT BALANCES ECONOMIES CONSOLIDATION INVESTING |
| spellingShingle |
LIVING STANDARDS MONETARY POLICY DEFICIT RISKS CUSTOMS UNION ECONOMIC ENVIRONMENT ECONOMIC GROWTH ACCOUNTING DEPOSITS STOCK MARKET DEVELOPMENTS INTEREST DEPRECIATION PUBLIC INVESTMENTS IMPORT FINANCIAL DISTRESS DEBT STOCK INTEREST RATE REMITTANCE EXCHANGE ECONOMIC DEVELOPMENTS BALANCE OF PAYMENTS LIQUIDITY DOMESTIC MARKET TAX COLLECTION ACCESS TO BANK INFRASTRUCTURE DEVELOPMENT RECESSION REVENUES WORLD DEVELOPMENT INDICATORS LOAN TAX DECLINE IN INVESTMENT FOREIGN EXCHANGE MARKETS INFLATION PENSION POVERTY REDUCTION MONETARY CONTROLS BUDGET BANK LENDING CENTRAL BANK FINANCIAL SECTOR INDICATORS DOMESTIC CONSUMPTION FOREIGN MARKETS CUSTOMS DUTIES LABOR MARKET FISCAL POLICIES TRADE BALANCE OIL PRICES INDEBTEDNESS RE-EXPORTS CURRENCY EXPORT GROWTH TOTAL IMPORT CURRENT ACCOUNT INCOME GROWTH INFLATIONARY PRESSURES FINANCES GOLD SURPLUS MARKET DYNAMICS RECURRENT EXPENDITURES OPTIONS FREE FLOAT REGULATORY SYSTEM MARKETS BARRIERS TO ENTRY DEBT PRIVATE INVESTMENT RETURN DEFICITS FINANCIAL FLOWS INFLATION RATE DOMESTIC DEBT IMPORTS DIRECT INVESTMENT LOANS RESERVES RETURN ON ASSETS FINANCE PUBLIC INVESTMENT TAXES BANK BALANCE SHEET EXPENDITURE EQUITY INCOME TAXES EXCHANGE-RATE CONSUMPTION GOOD TOTAL EXPORTS GOVERNMENT BUDGET DEBT-SERVICE DOMESTIC LIQUIDITY MARKET CONDITIONS BUDGET SURPLUS FUTURE PENSIONS IMBALANCES FOREIGN DIRECT INVESTMENT DEMAND INVESTMENT PROJECTS PUBLIC EXPENDITURES CONTRACT ECONOMY DISBURSEMENTS EXPENDITURES CURRENT ACCOUNT DEFICIT BALANCE SHEET REAL EXCHANGE RATE MARKET FOREIGN EXCHANGE PUBLIC DEBT TREASURY CREDIT RISK INSURANCE BILL OPEN MARKET GOODS SECURITY REGISTRATION SYSTEM DOMESTIC ECONOMY GROWTH RATE NATIONAL BANK INVESTMENT COMMERCIAL BANKS SHARE EXCHANGE- RATE PUBLIC FINANCES POVERTY TREATY UNCERTAINTY REVENUE EXTERNAL DEBT PROFIT INVESTMENTS LENDING RAPID GROWTH EXCHANGE RATE FISCAL DISCIPLINE PUBLIC DEBT STOCK REMITTANCES PUBLIC SPENDING COMMODITY PRICES DOLLAR VALUE CURRENT ACCOUNT BALANCES ECONOMIES CONSOLIDATION INVESTING World Bank Group Kyrgyz Republic Biannual Economic Update, Fall 2015 : Resilience Amid Turbulence |
| geographic_facet |
Europe and Central Asia Kyrgyz Republic |
| description |
GDP grew at a rate of 6.8 percent,
year-on-year (y/y), between January and August, boosted by
frontloaded gold production and a strong performance of the
agricultural sector. Gold output grew by 46 percent (y/y),
while the non-gold GDP growth rate reached 4.5 percent, up
0.9 percentage points from the same period in the previous
year. However, gold production is projected to decelerate
markedly during the remainder of 2015, while increasingly
adverse external conditions and exchange-rate developments
are expected to depress domestic consumption and private
investment, as well as foreign demand. As a result, the
overall growth rate for 2015 is projected to slow to 2
percent. As of August the headline inflation rate had fallen
to 5.8 percent (y/y) from 10.5 percent at end-2014, but the
combined effect of higher public spending and exchange-rate
pressures are expected to drive up prices during the final
months of the year, underscoring the importance of
maintaining a tight monetary stance. Looking beyond 2015,
the Kyrgyz economy is projected to recover over the medium
term, and public finances are expected to stabilize, but
this generally positive outlook is subject to significant
downside risks. In the baseline scenario, growth is
projected to accelerate to 4.2 percent in 2016, driven by
higher gold production and an expected acceleration in
regional economic activity. Growth in the non-gold sectors
should be relatively robust at around 3.7 percent, but a
slower-than-anticipated recovery in Russia and Kazakhstan
could threaten this projection. Moreover, slower growth in
both the domestic and regional economies could complicate
the process of fiscal consolidation. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Kyrgyz Republic Biannual Economic Update, Fall 2015 : Resilience Amid Turbulence |
| title_short |
Kyrgyz Republic Biannual Economic Update, Fall 2015 : Resilience Amid Turbulence |
| title_full |
Kyrgyz Republic Biannual Economic Update, Fall 2015 : Resilience Amid Turbulence |
| title_fullStr |
Kyrgyz Republic Biannual Economic Update, Fall 2015 : Resilience Amid Turbulence |
| title_full_unstemmed |
Kyrgyz Republic Biannual Economic Update, Fall 2015 : Resilience Amid Turbulence |
| title_sort |
kyrgyz republic biannual economic update, fall 2015 : resilience amid turbulence |
| publisher |
World Bank, Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2015/11/25256017/kyrgyz-republic-biannual-economic-update-resilience-amid-turbulence-special-focus-meeting-jobs-challenge http://hdl.handle.net/10986/22951 |
| _version_ |
1764452858644660224 |
| spelling |
okr-10986-229512021-04-23T14:04:12Z Kyrgyz Republic Biannual Economic Update, Fall 2015 : Resilience Amid Turbulence World Bank Group LIVING STANDARDS MONETARY POLICY DEFICIT RISKS CUSTOMS UNION ECONOMIC ENVIRONMENT ECONOMIC GROWTH ACCOUNTING DEPOSITS STOCK MARKET DEVELOPMENTS INTEREST DEPRECIATION PUBLIC INVESTMENTS IMPORT FINANCIAL DISTRESS DEBT STOCK INTEREST RATE REMITTANCE EXCHANGE ECONOMIC DEVELOPMENTS BALANCE OF PAYMENTS LIQUIDITY DOMESTIC MARKET TAX COLLECTION ACCESS TO BANK INFRASTRUCTURE DEVELOPMENT RECESSION REVENUES WORLD DEVELOPMENT INDICATORS LOAN TAX DECLINE IN INVESTMENT FOREIGN EXCHANGE MARKETS INFLATION PENSION POVERTY REDUCTION MONETARY CONTROLS BUDGET BANK LENDING CENTRAL BANK FINANCIAL SECTOR INDICATORS DOMESTIC CONSUMPTION FOREIGN MARKETS CUSTOMS DUTIES LABOR MARKET FISCAL POLICIES TRADE BALANCE OIL PRICES INDEBTEDNESS RE-EXPORTS CURRENCY EXPORT GROWTH TOTAL IMPORT CURRENT ACCOUNT INCOME GROWTH INFLATIONARY PRESSURES FINANCES GOLD SURPLUS MARKET DYNAMICS RECURRENT EXPENDITURES OPTIONS FREE FLOAT REGULATORY SYSTEM MARKETS BARRIERS TO ENTRY DEBT PRIVATE INVESTMENT RETURN DEFICITS FINANCIAL FLOWS INFLATION RATE DOMESTIC DEBT IMPORTS DIRECT INVESTMENT LOANS RESERVES RETURN ON ASSETS FINANCE PUBLIC INVESTMENT TAXES BANK BALANCE SHEET EXPENDITURE EQUITY INCOME TAXES EXCHANGE-RATE CONSUMPTION GOOD TOTAL EXPORTS GOVERNMENT BUDGET DEBT-SERVICE DOMESTIC LIQUIDITY MARKET CONDITIONS BUDGET SURPLUS FUTURE PENSIONS IMBALANCES FOREIGN DIRECT INVESTMENT DEMAND INVESTMENT PROJECTS PUBLIC EXPENDITURES CONTRACT ECONOMY DISBURSEMENTS EXPENDITURES CURRENT ACCOUNT DEFICIT BALANCE SHEET REAL EXCHANGE RATE MARKET FOREIGN EXCHANGE PUBLIC DEBT TREASURY CREDIT RISK INSURANCE BILL OPEN MARKET GOODS SECURITY REGISTRATION SYSTEM DOMESTIC ECONOMY GROWTH RATE NATIONAL BANK INVESTMENT COMMERCIAL BANKS SHARE EXCHANGE- RATE PUBLIC FINANCES POVERTY TREATY UNCERTAINTY REVENUE EXTERNAL DEBT PROFIT INVESTMENTS LENDING RAPID GROWTH EXCHANGE RATE FISCAL DISCIPLINE PUBLIC DEBT STOCK REMITTANCES PUBLIC SPENDING COMMODITY PRICES DOLLAR VALUE CURRENT ACCOUNT BALANCES ECONOMIES CONSOLIDATION INVESTING GDP grew at a rate of 6.8 percent, year-on-year (y/y), between January and August, boosted by frontloaded gold production and a strong performance of the agricultural sector. Gold output grew by 46 percent (y/y), while the non-gold GDP growth rate reached 4.5 percent, up 0.9 percentage points from the same period in the previous year. However, gold production is projected to decelerate markedly during the remainder of 2015, while increasingly adverse external conditions and exchange-rate developments are expected to depress domestic consumption and private investment, as well as foreign demand. As a result, the overall growth rate for 2015 is projected to slow to 2 percent. As of August the headline inflation rate had fallen to 5.8 percent (y/y) from 10.5 percent at end-2014, but the combined effect of higher public spending and exchange-rate pressures are expected to drive up prices during the final months of the year, underscoring the importance of maintaining a tight monetary stance. Looking beyond 2015, the Kyrgyz economy is projected to recover over the medium term, and public finances are expected to stabilize, but this generally positive outlook is subject to significant downside risks. In the baseline scenario, growth is projected to accelerate to 4.2 percent in 2016, driven by higher gold production and an expected acceleration in regional economic activity. Growth in the non-gold sectors should be relatively robust at around 3.7 percent, but a slower-than-anticipated recovery in Russia and Kazakhstan could threaten this projection. Moreover, slower growth in both the domestic and regional economies could complicate the process of fiscal consolidation. 2015-11-10T22:10:17Z 2015-11-10T22:10:17Z 2015-10 Report http://documents.worldbank.org/curated/en/2015/11/25256017/kyrgyz-republic-biannual-economic-update-resilience-amid-turbulence-special-focus-meeting-jobs-challenge http://hdl.handle.net/10986/22951 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work Europe and Central Asia Kyrgyz Republic |