Tashkent, Uzbekistan, Oct. 5
By Demir Azizov– Trend:
The International Monetary Fund (IMF) has improved the forecast of Uzbekistan’s GDP growth in 2016 to 6 percent against 5 percent forecast in April 2016, according to the fund’s World Economic Outlook report.
The GDP growth in Uzbekistan will also amount to 6 percent in 2017, according to the fund.
Earlier, the fund forecast that Uzbekistan's GDP will increase by 5.5 percent in 2017.
The forecast for inflation in Uzbekistan in 2016 remained unchanged compared to the April estimates. The fund’s analysts believe that inflation will amount to 8 percent in the current year and 9.8 percent in 2017.
At the same time, the fund forecasts decline in the current account balance in 2016 to 0.1 percent of GDP against 0.2 percent forecast in April and 0.2 percent of GDP in 2017 (previous forecast was 0.5 percent).
The IMF reported that Uzbekistan's economy will maintain its growth in connection with the implementation of industry and infrastructure modernization programs. However, unclear price environment regarding major export commodities - cotton, gas and gold - may have an impact on economic indices during the mentioned period of the forecast.
It was reported that in 2015, the GDP of Uzbekistan increased by 8 percent, and inflation amounted to 5.6 percent, according to official statistics data. In 2016, the Uzbek government plans to ensure economic growth at the level of 7.8 percent.
Uzbekistan joined the IMF in 1992, and its office has been operating in the country since 1993.