Kyrgyzstan has made impressive progress since its economic and political transition to a market-based economy, but some continued reform is necesary, the WTO Secretariat reported on Monday.
WTO attributed the Kyrgyz Republic's farming reforms, price deregulations, financial sector liberalization and major state privatization as factors that have helped the country deal with setbacks, such as the Asian and Russian economic crisis last decade.
The country needs to diversify its manufacturing and services sector as the country is currently heavily dependent on its gold mining and agriculture industries. According to the report, Kyrgyz real GDP has grown almost unabated since 1996, averaging 4 percent annually during 2000-05, but decreased by 0.6 percent in 2005 due to a drop in gold output and political instability.
Kyrzgyzstan is landlocked by Kazakhstan, Uzbekistan, Tajikistan, and China. Exports and imports in 2005 were some 28 percent and 46 percent of GDP respectively Exports grew strongly between 2001 and 2004 but decreased in 2005.