02295cas a2200301 a 4500 AALejournalIMF021912 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513594040 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Middle East and Central Asia Dept. Kyrgyz Republic : 2021 Article IV Consultation-Press Release; and Staff Report. Washington, D.C. : International Monetary Fund, 2021. 1 online resource (89 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The Kyrgyz economy is highly dependent on remittances and foreign aid and does not have access to international capital markets. Inequality is relatively low, but poverty is widespread. The COVID crisis led to a sharp recession with output contracting by 8.6 percent in 2020, public debt rising by 16.5 percent of GDP to 68 percent, and the som depreciating by 19 percent against the USD . Under the assumption that the global pandemic begins to decisively recede this year, a rebound in growth is expected in 2021-22. However, significant uncertainty surrounds the baseline outlook and the recovery could be delayed if downside risks materialize. In the medium to long term, the main challenge is to create jobs for about 65,000 new jobseekers annually and to reduce labor out-migration. This will require deep structural reforms to transform the economy from a reliance on remittances to more diversified and private sector-led growth that is underpinned by higher investment and exports. Mode of access: Internet International Agreements imf International Organizations imf Monetary Policy imf Observance imf Kyrgyz Republic imf IMF Staff Country Reports; Country Report ; No. 2021/174 Full text available on IMF http://elibrary.imf.org/view/journals/002/2021/174/002.2021.issue-174-en.xml IMF e-Library