During the plenary session of the congress taking place in Almaty, Turgunbaev noted that there is a trend of reverse migration: many Kyrgyz citizens who previously worked in Russia are returning to their homeland. However, even with the increasing number of returnees, the republic still lacks labor, which forces the authorities to attract foreign specialists, as reported by Exclusive.kz.
According to the head of the National Bank, the economy of Kyrgyzstan is demonstrating some of the highest growth rates in the region: over the past three years, GDP has increased by more than 9% annually, and this year the achievements are around 10%. This creates additional pressure on the labor market.
“Previously, our citizens worked in Russia and sent remittances home, but this year we are seeing them return. However, even this number is not enough, and to meet market needs, we are starting to import labor for the construction and textile sectors,” Turgunbaev explained.
He also emphasized that the volume of remittances remains stable, reaching $3 billion in 2023, which is comparable to the records of previous years.
The head of the regulator added that the need for foreign workers is due to the active development of sectors such as construction, textiles, and services. The country's authorities plan to increase budget expenditures and raise wages, which will also contribute to the growth of demand for labor.
The annual congress of financiers gathers leaders of central banks from EAEU countries and neighboring states to discuss macroeconomic policy and current challenges for the region.
