News Column

Unofficial economy reaches 40-70% of GDP – PM

July 4, 2014

Unofficial economy in Kyrgyzstan is estimated to reach 40-70% of GDP, Prime Minister of Kyrgyzstan Joomart Otorbayev said at the meeting with commercial banks on July 4 discussing mortgage lending and introduction of non-cash payments.

The main reason is development of services sector, which does not want to go out of shadow, the Prime Minister said.

"If we legalize transactions, then given that shadow economy makes 50% and the national budget makes $2 billion, we will have $1 billion unshadowed," the Prime Minister stated.

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Source: AKIpress News Agency (Kyrgyz Republic)

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