[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108864-en":3,"doc-seo-108864-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108864,962075114765,"Quinn","https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd",8,"Research & Report","Kyrgyz Republic Country Economic Memorandum - Executive Summary - Volume 2","This executive summary reviews Kyrgyz Republic’s economic performance since 1995, highlighting modest but volatile growth driven by structural reforms, remittances, and gold commodity exports, along with improved macroeconomic management. Fixed investment has risen strongly while lower fiscal deficits and inflation suggest policy success. Despite poverty reduction, growth and productivity lag key peers, leaving incomes and living standards below pre-independence levels. Governance and institutional weaknesses, frequent cabinet turnover, and inconsistent reform implementation continue to constrain growth, jobs, and trade facilitation outcomes.","Public Disc losure Authorized  \nKYRGYZ REPUBLIC COUNTRY ECONOMIC MEMORANDUM  \nExecutive Summary  \nu ub lic Disclosure th ir el Disclosure Authorized Pub lic Disclosure  \nIzvorski, Appolenia Mbowe, Bakyt Dubashov, Katharina Gassner, Michael J. Ferrantino, Roumeen Islam, and Tarik Sahovic  \nAcknowledgements  \nThis is the executive summary of the Kyrgyz Republic CEM. The report was prepared by a World Bank team led by Appolenia Mbowe and Ivailo Izvorski that comprised: Bakyt Dubashov, Katharina Gassner, Michael J. Ferrantino, Praveen Kumar, Roumeen Islam, and Tarik Sahovic. Other team members include Emil Abdykalykov, Moritz Meyer, Matthias Timm, Nuradil Raimbekov, Kenan Karakulah, Anna Luisa Paffhausen, Vicky Chemutai, Saumya Mitra, Zhypara Azhykanova, and Sarah Babirye.  \nThe team benefitted from the advice and overall guidance from Sandeep Mahajan (Practice Manager) . The team also benefited from inputs from: Aurelien Kruse Jennifer L. Keller, Jeff Chelsky, and Tara Vishwanath. The peer reviewers are: R. Sudharshan Canagarajah, Aurelien Kruse, Paulo Correa, Woori Lee, and Maksudjon Safarov.  \nThe team would like to express its gratitude to authorities of the Government of the Kyrgyz Republic (including the Ministry of Finance and the Ministry of Economy) for their guidance and close cooperation.  \nThe painting on the cover is Kyrgyz mazar. Sanju (Киргизский мазар . Санджу) by Nicholai Roerich, from 1925. The image is in the public domain.  \nExecutive Summary  \nThe 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 2007.1 Lower fiscal deficits and low inflation indicate the success of recent macroeconomic policies.  \nThese 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.2 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.  \nThe country’s growth performance is in stark contrast with the country’s potential and with the promises of the structural reforms and the opening to the rest of the world in the 1990.  \nBy 2000, Kyrgyz Republic’s progress in transition was assessed as equal or better than all countries of the Caucasus and Central Asia, Russia, and some economies in Eastern Europe.4 In the following decades, the reform momentum slowed, and implem","cbCaim7xLHmIvJTS","https://ap.wps.com/l/cbCaim7xLHmIvJTS","pdf",365410,4,1,22,"English","en",105,"# Executive Summary\n## Economic Performance Since 1995\n## Growth, Productivity, and Poverty Outcomes\n## Transition Reform Progress and Trade Constraints\n## Governance and Institutional Weaknesses","[{\"question\":\"What have been the main drivers of Kyrgyz Republic’s economic expansion since 1995?\",\"answer\":\"Structural reforms at the start of transition, remittances, and commodity exports largely from gold, together with improvements in macroeconomic management, supported per-capita real GDP growth.\"},{\"question\":\"Why does the report say productivity and growth outcomes have lagged relevant comparators?\",\"answer\":\"Productivity increases have been low, implying factor accumulation has dominated growth, while governance weaknesses and implementation delays have frustrated the needs of the poor and the young.\"},{\"question\":\"How do governance and institutional weaknesses affect economic policy and reforms?\",\"answer\":\"Frequent changes of government and weak administrative capacity make it difficult to maintain consistent economic policy and move reforms from design to implementation without significant delays or 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