UCA Public Lecture: Gold Production Leads Economic Growth in Kyrgyzstan
Gold production in Kyrgyzstan increased substantially in 2019, providing a strong boost to economic growth. Output from the country's largest gold mine, Kumtor, rose by 33 percent year between January-October, following an 8 percent reduction during the same period in 2018. As a result, real GDP grew by 5.7 percent in January-October, up from 3.5 percent in 2018 as a whole. Other factors influencing GDP growth included an increase in gold exports by almost 55 percent from the previous year, as well as monetary policy and remittance inflows.
These findings were presented at a public lecture organised by the University of Central Asia’s Institute of Public Policy and Administration, and the World Bank on February 6th. It was delivered by Appolenia Mbowe and Bakyt Dubashov, Senior Country Economists for the Kyrgyz Republic at the World Bank. While there is significant growth from the mining sector, the speakers highlighted that in order to further promote economic growth, solutions can be considered such as raising productivity, diversifying sources of growth, addressing governance issues and weak institutions, improving the quality of human capital and infrastructure, as well as developing fiscal policy.