Kyrgyz Republic : Gold is Not Enough

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作者：

World Bank

来源地址：

http://hdl.handle.net/10986/26661

关键词：

ACCESS TO FINANCE;  AGGREGATE DEMAND;  AGRICULTURAL SECTOR;  AGRICULTURE;  BALANCE OF PAYMENTS;  BANK PRIVATIZATION;  BANKING SECTOR;  BANKING SYSTEM;  BARRIERS TO INVESTMENT;  BENCHMARKS;  BROAD MONEY;  BUDGET DEFICIT;  BUSINESS ACTIVITY;  BUSINESS COMMUNITY;  BUSINESS ENVIRONMENT;  CAPITAL ACCOUNT;  CAPITAL EXPENDITURES;  CAPITAL INFLOW;  CENTRAL BANK;  COMMODITY;  COMMODITY PRICE;  COMPETITIVENESS;  CORRUPTION;  CREDIT FACILITY;  CURRENT ACCOUNT;  CURRENT ACCOUNT BALANCE;  CURRENT ACCOUNT DEFICIT;  CURRENT EXPENDITURES;  DEBT;  DEBT BURDEN;  DEBT CRISIS;  DEBT OUTSTANDING;  DEBT RELIEF;  DEBT SERVICE;  DEFLATION;  DEMOCRATIC INSTITUTIONS;  DEMOGRAPHIC;  DOMESTIC INFLATION;  DOMESTIC PRICES;  EARNINGS;  ECONOMIC ACTIVITY;  ECONOMIC DEVELOPMENTS;  ECONOMIC DOWNTURN;  ECONOMIC GROWTH;  ECONOMIC POLICY;  EDUCATIONAL ATTAINMENT;  EMPLOYER;  ENROLLMENT;  ENTREPRENEURIAL ACTIVITY;  EQUITY CAPITAL;  EXCHANGE RATE;  EXCHANGE RATE MOVEMENTS;  EXCHANGE RATE REGIME;  EXPANSIONARY FISCAL POLICY;  EXPENDITURE;  EXPORT GROWTH;  EXPORT MARKETS;  EXPORTER;  EXTERNAL BORROWING;  EXTERNAL SHOCKS;  EXTREME POVERTY;  FAMILIES;  FINANCIAL MANAGEMENT;  FINANCIAL SECTOR;  FINANCING SOURCES;  FISCAL CONSOLIDATION;  FISCAL DEFICIT;  FISCAL POLICY;  FLOATING EXCHANGE RATE;  FOOD PRICE;  FORECASTS;  FOREIGN EXCHANGE;  FOREIGN EXCHANGE MARKET;  GDP;  GDP PER CAPITA;  GLOBAL ECONOMY;  GOVERNMENT ACCOUNTS;  GOVERNMENT EXPENDITURES;  GOVERNMENT FINANCES;  GROWTH RATE;  HOUSEHOLD INVESTMENTS;  HOUSEHOLDS;  INCOME;  INFLATION;  INFLATION RATE;  INFRASTRUCTURE INVESTMENT;  INTEREST RATE;  INTERNATIONAL RESERVES;  INVESTMENT CLIMATE;  INVESTOR CONFIDENCE;  LABOR MARKET;  LIQUIDITY;  LOAN;  LOAN AGREEMENT;  LOCAL GOVERNMENTS;  MONETARY POLICY;  MONEY SUPPLY;  NATIONAL BANK;  NATURAL RESOURCES;  NET EXPORTS;  OUTPUT;  PENSION;  PENSION REFORM;  POLITICAL DISTURBANCES;  POLITICAL STABILITY;  POLITICAL UNREST;  PORTFOLIO;  PORTFOLIO INVESTMENT;  PRESENT VALUE;  PRICE INCREASES;  PRIVATE INVESTMENTS;  PRIVATE SAVINGS;  PRIVATIZATION;  PRODUCTION INCREASES;  PRODUCTIVITY;  PUBLIC DEBT;  PUBLIC FINANCE;  PUBLIC INVESTMENT;  PUBLIC PENSION;  PUBLIC SECTOR DEBT;  REAL EXCHANGE RATE;  REAL GDP;  REFORM PROGRAM;  REGULATORY FRAMEWORK;  REMITTANCE;  REPLACEMENT RATES;  RESERVE;  RETAINED EARNINGS;  RETURN;  RISK OF DEBT;  SAVINGS;  SEIZURE;  SELF-EMPLOYMENT;  SHADOW ECONOMY;  SMALL BUSINESS;  SOCIAL FUND;  SOCIAL PROTECTION;  SOURCE OF INCOME;  SOVEREIGN DEBT;  SUPPLY SHOCK;  TAX;  TAX REVENUES;  TOTAL REVENUE;  TRADE BALANCE;  TRADE DEFICIT;  TRADING;  TRANCHE;  TRANSPARENCY;  TRANSPORT;  UNEMPLOYMENT;  UNEMPLOYMENT RATE;  URBAN AREAS;  VALUE ADDED;  VOLATILITY;  WAGES;  WORLD MARKETS;  Report; 

年份：

2012

出版地：

Washington,USA

语种：

English

摘要：

A new coalition government was formed in September 2012 following the collapse of the previous government at the end of August 2012. The Kyrgyz economy experienced a significant decline during the first half of 2012 caused by disrupted operations at the Kumtor gold mine. A decline in gold exports combined with a higher level of imports has increased the current account deficit. Expansionary fiscal policy during the first half of the year along with revenue weakness during the remainder of the year will widen the fiscal deficit to 6.1 percent of gross domestic product (GDP) in 2012 from 4.8 percent of GDP a year ago. The medium-term growth outlook is favorable although there are significant downside risks. There are also exogenous shocks that will need to be mitigated, including rising food prices, spillover effects from the Euro zone sovereign debt crisis, and a weak global economy.