Uzbekistan, Tashkent, Oct. 29 / Trend D.Azizov /
The European Bank for Reconstruction and Development (EBRD) raised its forecast for economic growth of Uzbekistan in 2011, a statement posted on the EBRD's website on Thursday said.
The EBRD predicted Uzbekistan's economic growth at 8.2 percent in 2010 and about 7 percent in 2011. The forecast for the current year remained the same.
The earlier reports said that in late September, the Asian Development Bank (ADB) confirmed the April forecast of Uzbekistan's GDP growth rate at 8.5 percent in 2010, 9 percent in 2011, inflation ratio at 9.3 percent and 9 percent in 2010 and 2011 respectively, the current account balance at 13 percent of GDP in 2010 and 14 percent in 2011.
In early October the International Monetary Fund (IMF) confirmed the April forecast of GDP growth at 8 percent in Uzbekistan in 2010, 7 percent in 2011, current account surplus at 3.8 percent of GDP and 6.3 percent in 2011. According to the IMF, inflation will rise up to 10.6 percent in Uzbekistan in 2010 compared to the April forecast of 9.2 percent, up to 11.4 percent in 2011 compared to 9.4 percent in April.
According to the WB's forecasts, Uzbekistan's economic growth will hit 6.5 percent in 2010 and 2011.
According to the official statistics, Uzbekistan's GDP in 2009 increased by 8.1 percent compared to 2008. The rate of inflation hit 7.4 percent, industrial production increased by 9 percent, agricultural products - by 5.7 percent, the total investment in economy by 24.8 percent.
Uzbekistan plans to ensure GDP growth at 8.3 percent in 2010 compared to 2009, industrial production by 8.3 percent, agricultural production - by 5 percent. It is planned to hold inflation at the level of 7-9 percent.
Uzbekistan became an EBRD member in 1992. A representative office was opened in Tashkent in May 1993.
EBRD has provided Uzbekistan with credit worth 500 million euro since 1992 to implement over 40 projects in power engineering, entrepreneurship, transportation, construction, mineral resource development, public utilities.