Kyrgyzstan's GDP to decline by at least 8-10% in 2020, businessman says

AKIPRESS.COM - Kyrgyzstan's GDP is expected to drop by at least 8-10% in 2020 due to coronavirus pandemic, according to Dastan Omuraliyev, an entrepreneur and re., told Tazabek, referring to possible losses to the Kyrgyz economy due to the virus pandemic.
Purchasing power of the population will drop quite noticeably, he noted.
"Reduction of migrant remittances and business activity in the country will lead to the low consumer confidence. In this scenario, even those people who have money will be reluctant to invest and spend money. Business for its part will revise its investment plans and freeze those plans, which is not good," he said.
Quarantine months will be fatal for many firms and private businesses, according to the expert.
"Many still believe that things will soon go back to the way they were before and we will heal as we did before. It's time to admit that it's definitely not going to happen this year. We have to fasten our seat belts and tighten our belts," he says.