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Uzbekistan will be among world's fastest growing economies in 2011 - report

Business Materials 6 January 2011 10:00
Uzbekistan is slated to be among the world's fastest growing economies in 2011, CentrialAsia newswire reported.
Uzbekistan will be among world's fastest growing economies in 2011 -  report

Uzbekistan is slated to be among the world's fastest growing economies in 2011, CentrialAsia newswire reported.

Uzbekistan will record one of world's highest growth rates in 2011, says a leading economic forecasting agency.

A forecast on global growth by the Economist Intelligence Unit (EIU) said Uzbekistan's economy will grow by 7.9 percent in 2011.

That performance places the ex-Soviet republic seventh in the world after Qatar, Ghana, Mongolia, Eritrea, Ethiopia, China and India in terms of fastest-growing economies in the coming year.

Qatar topped the list of fastest-growing economies this year with a gross domestic product (GDP) forecast expected to exceed 15 percent.

The official forecast out of Tashkent puts the country's GDP growth rate at 8.3 percent this year. The economy expanded by 8.5 percent in 2010 despite the battering the economy received from the global financial crisis, the Uzbekistan Daily news website reported on Wednesday.

The EIU country-by-country report predicts that emerging markets will on the whole shrug off the 2008-09 economic crisis, which will continue to burden the developed world with sluggish growth, rising debt burdens and high unemployment.

Emerging markets, like Uzbekistan's, will struggle to balance capital inflows, exchange-rate management and inflationary pressures.

Uzbekistan is the only one of Commonwealth of Independent States (CIS) members to be on the EIU's list.

The report noted however that sixth-placed China, which has huge economic interests in Central Asia, will remain the world's fastest growing major economy recording an 8.9 percent growth, its slowest since 2001.

The EIU is the business information arm of The Economist Group, publisher of The Economist, and is the world's leading economic and business analysis and forecasting resource.

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