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Kyrgyzstan Records the Deepest Decline in GDP in May in the EAEU

Saturday 20 June 2020

BISHKEK (24.kg) — According to the Eurasian Development Bank (EDB) data for the first four months of 2020, the worst economic recession was recorded in Kyrgyzstan.

The second quarter of the year was characterized by a significant decline in economic activity in member countries of the EDB. Most of them implemented strict lockdown to prevent the spread of Coronavirus.. The activities of many business entities, mainly providing services to consumers, have been discontinued.

As a result, Russia’s GDP fell by 1.9%, Kazakhstan’s by 0.2%, Kyrgyzstan’s by 3.8% and Armenia’s by 1.7%.

The bank’s economists explain:

Organizations in the services sector suffered the greatest losses in this situation. A significant deterioration was recorded in wholesale and retail trade, the tourism industry and catering, in sectors providing other paid services to the population. Social isolation measures, the suspension of the activities of individual organisations and the “freezing” of credit activity have had a negative impact on domestic consumer demand.

In May this year, a phased exit from quarantine began in many countries of the world, including in the EDB region of operations. Countries are implementing measures to restore the economic sphere with an eye on the epidemiological situation.

In May of this year, a gradual exit from the quarantine began in many countries around the world, including in the EDB’s region of operations. Countries are implementing measures to restore the economic sphere, taking into account the epidemiological situation:

At the end of May, in most of the bank’s member states, the activity in public places increased compared to the minimum indicators of April, but it still remains below the quarantine level. The region’s economy has begun to recover.


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