Kyrgyzstan has decided on a 6.2% economic growth forecast instead of the more optimistic 8.4% projection, citing plans to mine low-grade ore at Kumtor for the next two years. This decision was announced by the Minister of Economy and Commerce, Daniiar Amanaliev.
Various economic growth scenarios were presented by the ministry, including an optimistic forecast of 8.4%, a moderate growth forecast of 7.2%, and the selected baseline scenario of 6.2%. After thorough analysis, the decision was made to move forward with the 6.2% growth scenario, taking into account the anticipated increase in production at Kumtor based on last year's lower base.
Amanaliev elaborated that Kumtor has recommenced operations but is currently extracting low-grade ore, a process expected to continue for the next two years. The mine is expected to achieve its design capacity by mid-2025. Economic indicators were calculated with risks considered concerning meeting the projected targets.
Hence, the Minister declared that the 6.2% economic growth forecast had been chosen for the year.
