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05 April 2019

The World Bank raised its forecast for GDP growth in Uzbekistan from 5.1% to 5.3%

In connection with the rapidly occurring changes in Uzbekistan, the World Bank raised its forecast for GDP growth from 5.1 to 5.3%. Market reforms are expected to lead to the liberalization of such sectors as tourism, food, chemical and textile industries. In 2020, Uzbekistan’s economy is expected to grow at a level of 5.5%, and in 2021 it will be 6%.

Inflationary pressure will continue in the next two years, but the consequences of the improved economic situation are expected to manifest themselves only by 2021. World Bank experts predict and hope that the government will reduce lending to the economy – this will support financial discipline in the country. Regarding the state of the population, sustainable economic growth and remittances from abroad should play a positive role. The next stage of market reforms is aimed at solving more complex issues in such sectors as finance, agriculture and land privatization.

In addition, the report notes that transformations in the above sectors are crucial for economic transformations and will lead to sustainable growth and job creation. They also carry significant economic and social risks that will need to be carefully considered, controlled and managed.