{
  "title": "Kyrgyz Republic: 2021 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, August 2, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/07/30/kyrgyz-republic-2021-article-iv-consultation-press-release-and-staff-report-463121",
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  "summary": "The Kyrgyz economy is highly dependent on remittances and foreign aid and does not have access to international capital markets. Inequality is relatively low, but poverty is widespread. The COVID crisis led to a sharp recession with output contracting by 8.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The Kyrgyz economy is highly dependent on remittances and foreign aid and does not have access to international capital markets.\n- Inequality is relatively low, but poverty is widespread."
    },
    {
      "heading": "Economic impact of COVID-19",
      "content": "- Output contracted by 8.6 percent in 2020.\n- Public debt rose by 16.5 percent of GDP to 68 percent.\n- The som depreciated by 19 percent against the US$."
    },
    {
      "heading": "Near-term outlook and risks",
      "content": "- Under the assumption that the global pandemic begins to decisively recede this year, a rebound in growth is expected in 2021–22.\n- Significant uncertainty surrounds the baseline outlook and the recovery could be delayed if downside risks materialize."
    },
    {
      "heading": "Medium- to long-term challenges",
      "content": "- Create jobs for about 65,000 new jobseekers annually.\n- Reduce labor out-migration.\n- Transform the economy from a reliance on remittances to more diversified and private sector-led growth underpinned by higher investment and exports."
    },
    {
      "heading": "Policy implications and recommended focus",
      "content": "- Implement deep structural reforms to support diversification and private sector-led growth.\n- Prioritize measures to raise investment and exports to reduce dependence on remittances and foreign aid.\n\n---\n\n Content in this bundle\n\n- 1kgzea2021001\n  - 1kgzea2021001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1kgzea2021001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 2, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513594040.002",
    "The Kyrgyz economy is highly dependent on remittances and foreign aid and does not have access to international capital markets.",
    "Inequality is relatively low, but poverty is widespread.",
    "Output contracted by 8.6 percent in 2020.",
    "The som depreciated by 19 percent against the US$.",
    "Under the assumption that the global pandemic begins to decisively recede this year, a rebound in growth is expected in 2021–22.",
    "Significant uncertainty surrounds the baseline outlook and the recovery could be delayed if downside risks materialize.",
    "Create jobs for about 65,000 new jobseekers annually.",
    "Reduce labor out-migration.",
    "Transform the economy from a reliance on remittances to more diversified and private sector-led growth underpinned by higher investment and exports.",
    "Implement deep structural reforms to support diversification and private sector-led growth.",
    "Prioritize measures to raise investment and exports to reduce dependence on remittances and foreign aid.",
    "**1kgzea2021001**"
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