Kyrgyz Republic : Growth Rebounds, Risks Remain

Kyrgyz Republic : Growth Rebounds, Risks Remain

The Kyrgyz Republic's three party coalition has tackled a number of events during 2013, including mayoral elections in the country's biggest cities Bishkek and Osh road blockages around Kumtor, the country's largest gold mine; as wel...

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Bibliographic Details
Main Author:	World Bank
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCOUNTING ACCOUNTING RULES AGGREGATE DEMAND AGRICULTURE ASSET RATIO ASSETS BALANCE OF PAYMENTS BANKING SECTOR BARRIER BROAD MONEY BUDGET DEFICIT BUSINESS ENVIRONMENT CAPITAL ADEQUACY CAPITAL INFLOWS CENTRAL BANK CHECKS COAL COAL PRICES COMMODITY COMMODITY MARKETS COMMODITY PRICE COMPETITIVENESS CONSUMER PRICE INDEX CONSUMER PRICE INFLATION CONSUMPTION BASKET CONSUMPTION GROWTH CORE INFLATION CPI CREDIT EXPANSION CREDIT GROWTH CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CUSTOMS UNION DEBT FORGIVENESS DEBT SERVICE DEBT SERVICE RATIO DEBT SUSTAINABILITY DEPOSIT DEPOSITS DEVALUATION DEVALUATIONS DEVELOPING COUNTRIES DEVELOPMENT BANK DOLLAR EXCHANGE RATE DOMESTIC DEMAND DOMESTIC INFLATION DOMESTIC PRICES DRAG ON GROWTH ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMICS EMERGING ECONOMIES EMERGING MARKETS ENVIRONMENTAL EQUIPMENT EQUITY RETURN EXCHANGE RATE EXCHANGE RATE POLICIES EXPENDITURE EXPENDITURES EXPORT EARNINGS EXPORT GROWTH EXPORTERS EXPORTS EXTERNAL DEBT EXTERNAL DEMAND FAIR MARKET VALUE FARMS FINANCIAL SYSTEMS FINANCING REQUIREMENTS FISCAL BALANCE FISCAL DEFICIT FISCAL POLICY FISHERIES FIXED ASSETS FOOD PRICE FOOD PRICES FORECASTS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVES FOREIGN LOANS FRAUD GDP GDP PER CAPITA GINI COEFFICIENT GOLD GOLD PRICE GOLD PRICES GOVERNANCE INDICATORS GOVERNMENT REVENUES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROSS NATIONAL SAVINGS GROWTH IN TRADE GROWTH RATE HOUSEHOLD INCOMES HUMAN DEVELOPMENT IMPORT IMPORT GROWTH IMPORT PRICES IMPORTS INCOME INCOME TAX INCOME TAXES INFLATION INFLATIONARY PRESSURES INFORMAL ECONOMY INFRASTRUCTURE PROJECTS INTEREST RATES INVESTMENT ACTIVITIES INVESTMENT CLIMATE INVESTMENT LEVELS INVESTMENT PROJECTS INVESTOR CONFIDENCE JOINT VENTURE LABOR FORCE LABOR MARKET LABOR MARKETS LABOR PRODUCTIVITY LIFE EXPECTANCY LIQUIDITY LOCAL CURRENCY LOW-INCOME COUNTRY M2 MARKET SHARE MARKET VALUE MATURITY METALS MICRO ENTERPRISES MINES MONETARY AGGREGATES MONETARY POLICY MULTIPLIER EFFECTS NATIONAL BANK NATIONAL SAVINGS NET EXPORTS NOMINAL EXCHANGE RATE NOMINAL WAGE NON-PERFORMING LOAN NON-PERFORMING LOANS NONPERFORMING LOANS NPL OIL OIL PRICES OUTPUT OUTTURNS PENSIONS POLICY RESPONSES POLITICAL STABILITY POLITICAL UPHEAVAL POPULATION GROWTH POVERTY LEVELS PRICE INCREASES PRICE INDEX PRICE INFLATION PRIVATE CONSUMPTION PRIVATE SECTOR CREDIT PRODUCERS PRODUCTIVITY PROPERTY RIGHTS PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT REAL EFFECTIVE EXCHANGE RATE REAL EXCHANGE RATE REAL WAGES REMITTANCE REMITTANCES RETURN RETURN ON ASSETS RETURNS RULE OF LAW SHARE OF INVESTMENT SHARE PRICES SLOWDOWN STRUCTURAL CHANGE STRUCTURAL REFORMS SUSTAINABLE DEVELOPMENT TAX TAX COLLECTION TAX LIABILITIES TAX POLICY TAX RATE TAX REGIME TAX REVENUES TELECOMMUNICATIONS TERMS OF TRADE TOTAL EXTERNAL DEBT TOTAL INVESTMENT TRADE BALANCE TRADE DEFICIT TRADE FACILITATION TRADE LOSSES TRADE POLICY TRADE REGIME TRADING TRADITIONAL MARKETS TRANSPARENCY TREATY UNCERTAINTIES UNCERTAINTY UNEMPLOYMENT UNEMPLOYMENT RATE VALUE ADDED VOLATILITY VULNERABILITY TO SHOCKS WAGE GROWTH WAGES WEIGHTS WHOLESALE MARKETS WORLD TRADE WORLD TRADE ORGANIZATION WTO
Online Access:	http://documents.worldbank.org/curated/en/2014/03/19456167/kyrgyz-republic-growth-rebounds-risks-remain http://hdl.handle.net/10986/18650

Description
Summary:	The Kyrgyz Republic's three party coalition has tackled a number of events during 2013, including mayoral elections in the country's biggest cities Bishkek and Osh road blockages around Kumtor, the country's largest gold mine; as well as tense negotiations on the future of the mine; and clashes in the south of the country. The government has navigated through these difficult times, quashing a motion of no confidence in parliament. An agreement between the Kyrgyz Republic and Centerra Inc. the majority stakeholder in Kumtor was accepted by parliament in early 2014. A surge in gold output and solid growth in the non-gold sectors contributed to an impressive 10.5 percent expansion of the Kyrgyz economy in 2013. Smaller increases in food prices than in recent years, and relatively stable energy prices helped bring inflation down. Expenditure controls and robust revenue outturns have brought the fiscal deficit down to 3.5 percent of gross domestic product (GDP). Preliminary estimates suggest the trade deficit and current account deficit remained high in 2013. Medium term growth is expected to moderate to 5 percent, however, a number of risks remain. The exceptional performance of gold output in 2013 is unlikely to be repeated in 2014. The rest of the economy is expected to continue expanding at 5 to 6 percent. A slowdown in the Russian economy, declining gold prices, and uncertainty created by the recent fluctuations in the exchange rate can adversely affect this outcome. This report presents recent political developments; recent economic developments; and economic and structural policies.