In the latest macroeconomic forecast released by the Eurasian Development Bank (EDB) in June 2024, Kyrgyzstan is poised to secure a position in the Eurasian Economic Union (EAEU) in terms of GDP growth over the next three years. Analysts predict that Kyrgyzstan will rank third in GDP growth among EAEU member states by 2025, following Armenia and Kazakhstan.
According to the EDB's updated projections:
- 2024: Kyrgyzstan is expected to achieve a GDP growth rate of 5.5%, placing it second highest within the EAEU after Armenia, which leads with a forecasted growth rate of 7.5%. Kazakhstan follows closely with a projected growth rate of 5%.
- 2025: The forecast indicates that Kazakhstan will surpass Armenia to lead the EAEU with a growth rate of 5.5%, while Kyrgyzstan is anticipated to maintain strong growth at 5.3%. Armenia's growth is projected to moderate to 4.2% by 2025.
Regional Context and Economic Implications:
The EAEU, consisting of Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, focuses on enhancing economic integration and cooperation among member states. For Kyrgyzstan, sustaining robust GDP growth underscores positive economic momentum and potential for development within the union.
Commenting on the forecasts, analysts highlighted Kyrgyzstan's favorable economic policies and growth initiatives as key drivers behind its projected performance. Factors such as infrastructure investments, regional economic partnerships, and domestic reforms are expected to contribute to Kyrgyzstan's economic resilience and growth trajectory in the coming years.
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