Kyrgyz Republic Economic Update, Winter 2016 : A Resilient Economy on a Slow Growth Trajectory
The first part of the Economic Update analyzes recent macroeconomic trends and presents an assessment of the country’s short- and medium-term outlook. The Kyrgyz economy has remained resilient to the adverse regional environment, but growth prospec...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/562271485242427555/Kyrgyz-Republic-A-resilient-economy-on-a-slow-growth-trajectory-with-a-special-focus-on-tax-reform http://hdl.handle.net/10986/25973 |
| Summary: | The first part of the Economic Update
analyzes recent macroeconomic trends and presents an
assessment of the country’s short- and medium-term outlook.
The Kyrgyz economy has remained resilient to the adverse
regional environment, but growth prospects are modest and
adjustments needed.Overall, the macroeconomic situation
improved slightly since the shock stemming from Russia’s
recession hit in [late 2014]. In the medium term, growth
prospects should improve as remittances and the external
demand environment recover.However, although risks have
moderated, they remain elevated. The main sources of risk
relate to possible adverse developments in neighboring
economies, principally related to oil prices and exchange
rate dynamics. This implies the need to rebuild fiscal
buffers over the next 2-3 years through a mix of expenditure
consolidation and revenue mobilization. The Special Focus
Section discusses tax revenue reforms, presenting the
findings of a recent World Bank Tax Administration
Diagnostics Assessment (TADAT). |
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