Tashkent, Uzbekistan, Nov. 26
By Demir Azizov– Trend:
Gross domestic product (GDP) of Uzbekistan will grow by 7.4 percent in 2017, according to the WB’s forecast published in a report on economy of the Europe and Central Asia region.
The report said that slowing growth in China (Uzbekistan’s largest trading partner), and declining prices of Uzbekistan’s export commodities (natural gas, copper, and cotton) all contributed to a slight reduction in Uzbekistan’s GDP growth in 2016.
The WB forecast that the GDP of Uzbekistan will grow by 7.3 percent in 2016. In 2017 and 2018, it is expected that the economy of Uzbekistan will grow by 7.4 percent.
Inflation rate in Uzbekistan will make up 10 percent in 2016 as in 2015. The inflation will decrease to 9 percent in 2017 and 8 percent in 2018.
Current account balance will reach 1.1 percent to GDP in 2016, 1.3 percent in 2017 and 2018, the report said.
The bank said that the foreign debt of Uzbekistan will grow from 10.5 percent of GDP in 2015 to 15.5 percent of GDP in 2016. The debt will fall to 13.9 percent of GDP in 2017 and 12.1 percent of GDP in 2018, according to the report.