Kyrgyz Republic Economic Update: Special Topic: Food Price Inflation in the Kyrgyz Republic

doi:https://doi.org/10.1596/41955

Publication:
Kyrgyz Republic Economic Update: Special Topic: Food Price Inflation in the Kyrgyz Republic

dc.contributor.author	World Bank
dc.date.accessioned	2024-07-25T17:52:31Z
dc.date.available	2024-07-25T17:52:31Z
dc.date.issued	2024-07-25
dc.description.abstract	In the first half of 2023, real economic growth in the Kyrgyz Republic decelerated to 3.9 percent, down from 6.3 percent in 2022, due to a decline in remittance receipts and a cyclical slowdown in gold and agricultural production. The slowdown in growth this year has generally mirrored the trends in most other economies in the Caucasus and Central Asia. It is mainly attributable to the reversal of favorable cyclical factors on the supply side of the economy, which had boosted output of agriculture and gold in 2022, and a reduction of 29 percent in remittance receipts (most of which are sourced from Kyrgyz migrant workers in Russia), which constrained household consumption on the demand side. Tourism and the emergence of a substantial transit trade with Russia have supported growth in some of the service industries, and there were also indicators of a recovery of fixed investment expenditures in the first half of 2023. The stabilization of food prices will also benefit from supply-side measures to address market failures and improve the overall performance of the agricultural sector. These include, among others, improving the functioning of input markets and service provisions (for example, agricultural advice, transport, and marketing services), reducing high transaction costs (associated with access to essential inputs and services such as water, electricity, extension services, and logistics), and addressing information asymmetries leading to weak linkages between small farms and enterprises. Government interventions in these areas are needed to improve small farmers and agri-food processors’ access to markets and to create more opportunities to capture value and improve their livelihoods.	en
dc.identifier	http://documents.worldbank.org/curated/en/099070924022090352/P5010571bcbf930751b0b51a8f88a57c252
dc.identifier.doi	10.1596/41955
dc.identifier.uri	https://hdl.handle.net/10986/41955
dc.language	English
dc.language.iso	en_US
dc.publisher	Washington, DC: World Bank
dc.rights	CC BY-NC 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	https://creativecommons.org/licenses/by-nc/3.0/igo
dc.subject	SDG 8
dc.subject	INFLATION
dc.subject	MONETARY POLICY
dc.subject	FOOD PRICE
dc.title	Kyrgyz Republic Economic Update	en
dc.title.subtitle	Special Topic: Food Price Inflation in the Kyrgyz Republic	en
dc.type	Report
dspace.entity.type	Publication
okr.crossref.title	Kyrgyz Republic Economic Update: Special Topic: Food Price Inflation in the Kyrgyz Republic
okr.date.disclosure	2024-07-25
okr.date.lastmodified	2024-07-09T00:00:00Z	en
okr.doctype	Economic & Sector Work
okr.doctype	Economic & Sector Work::Economic Updates and Modeling
okr.docurl	http://documents.worldbank.org/curated/en/099070924022090352/P5010571bcbf930751b0b51a8f88a57c252
okr.guid	099070924022090352
okr.identifier.docmid	P501057-bcbf937c-55f4-4275-b0b5-a8f88a57c252
okr.identifier.doi	https://doi.org/10.1596/41955
okr.identifier.externaldocumentum	34362196
okr.identifier.internaldocumentum	34362196
okr.identifier.report	192458
okr.import.id	4923
okr.imported	true	en
okr.language.supported	en
okr.pdfurl	http://documents.worldbank.org/curated/en/099070924022090352/pdf/P5010571bcbf930751b0b51a8f88a57c252.pdf	en
okr.region.administrative	Europe and Central Asia
okr.region.country	Kyrgyz Republic
okr.topic	Macroeconomics and Economic Growth::Economic Growth
okr.topic	Macroeconomics and Economic Growth::Inflation
okr.topic	Agriculture::Food Security
okr.unit	EFI-ECA-MTI-MacroFiscal-1 (EECM1)