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Kyrgyz Republic Country Economic Memorandum

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collection.link.76
https://openknowledge.worldbank.org/handle/10986/2184
collection.name.76
Country Economic Memorandum
dc.contributor.author
Izvorski, Ivailo
dc.contributor.author
Mbowe, Appolenia
dc.contributor.author
Dubashov, Bakyt
dc.contributor.author
Gassner, Katharina
dc.contributor.author
Ferrantino, Michael J.
dc.contributor.author
Islam, Roumeen
dc.contributor.author
Sahovic, Tarik
dc.date.accessioned
2020-03-30T16:22:56Z
dc.date.available
2020-03-30T16:22:56Z
dc.date.issued
2020-03-26
dc.date.lastModified
2021-09-17T05:11:36Z
dc.description.abstract
The Kyrgyz Republic has experienced modest and volatile economic expansion since the economy bottomed out from the transition recession in 1995, when GDP amounted to about half of its pre-independence levels. As a result of structural reforms at the start of transition, the emergence of remittances and commodity exports, largely gold, as powerful new drivers of growth, and improvements in the macroeconomic management in the recent decade, per-capita real GDP grew by 3.1 percent a year on average since 1995. The Kyrgyz Republic is now a lower middle-income economy, as it was in 1990. Economic expansion has benefitted from fixed investment that has risen to 31 percent of GDP, one of the highest in Europe and Central Asia and well-above the threshold of 25 percent reached by the group of successful countries studied by the Growth Commission in 2007. Lower fiscal deficits and low inflation indicate the success of recent macroeconomic policies. These achievements notwithstanding, Kyrgyz Republic’s growth and productivity performance has lagged most relevant comparators, frustrating the needs of the poor and the young. As a result, while per-capita GDP in constant prices has doubled since 1995, it has still not caught up with pre-independence levels. Per-capita incomes in the Kyrgyz Republic have increased by 20 percent less than the average of lower middle-income countries since 2000 and 40 percent less than the average for the Caucasus and Central Asia. Productivity increases – proxied by changes in total factor productivity, have averaged half a percent since 2000, leaving largely factor accumulation as the driver of economic growth. And while ‘Productivity isn’t everything, but in the long run it is almost everything’, highlighting one of the main challenges of the country’s current growth model.3 Poverty has declined, but modest growth has made a modest dent, leaving the poverty rate as high as 31 percent, with a substantial part of the population living in regions with more limited and lower quality government services than in Bishkek.
en
dc.identifier
http://documents.worldbank.org/curated/en/679681585289928309/Kyrgyz-Republic-Country-Economic-Memorandum
dc.identifier.uri
http://hdl.handle.net/10986/33494
dc.language
English
dc.publisher
World Bank, Washington, DC
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
ECONOMIC GROWTH
dc.subject
MACROECONOMIC POLICY
dc.subject
PRIVATE SECTOR DEVELOPMENT
dc.subject
TRADE POLICY
dc.subject
ENERGY POLICY
dc.subject
POVERTY ALLEVIATION
dc.subject
YOUTH EMPLOYMENT
dc.subject
GOVERNANCE
dc.subject
INCLUSIVE GROWTH
dc.subject
PUBLIC SECTOR REFORM
dc.subject
FOREIGN AID
dc.subject
DEBT FORGIVENESS
dc.subject
VOLATILITY
dc.subject
INSTITUTIONS
dc.title
Kyrgyz Republic Country Economic Memorandum
en
dc.type
Report
en
okr.crossref.title
Kyrgyz Republic Country Economic Memorandum
okr.date.disclosure
2020-03-27
okr.doctype
Economic & Sector Work
okr.doctype
Economic & Sector Work :: Country Economic Memorandum
okr.docurl
http://documents.worldbank.org/curated/en/679681585289928309/Kyrgyz-Republic-Country-Economic-Memorandum
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/33494
okr.identifier.externaldocumentum
090224b087c30194_2_0
okr.identifier.internaldocumentum
31900715
okr.identifier.report
147112
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/679681585289928309/pdf/Kyrgyz-Republic-Country-Economic-Memorandum.pdf
en
okr.region.administrative
Europe and Central Asia
okr.region.country
Kyrgyz Republic
okr.topic
Energy :: Energy Policies & Economics
okr.topic
International Economics and Trade :: Export Competitiveness
okr.topic
Macroeconomics and Economic Growth :: Economic Growth
okr.topic
Macroeconomics and Economic Growth :: Economic Policy, Institutions and Governance
okr.topic
Macroeconomics and Economic Growth :: Fiscal & Monetary Policy
okr.topic
Poverty Reduction :: Employment and Shared Growth
okr.topic
Private Sector Development :: Enterprise Development & Reform
okr.unit
EFI-ECA-MTI-MacroFiscal-1 (EECM1)

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