WB lowers Uzbekistan’s GDP growth to 7.3 percent

Business Materials 13 January 2011 17:35 (UTC +04:00)

Uzbekistan, Tashkent, Jan. 13 / Trend D.Azizov /

The growth of GDP of Uzbekistan will make up 7.3% in 2011, the World Bank (WB) said in its Global Economic Prospects 2011 report. Experts forecast that economy of Uzbekistan will grow by 8.3% in 2012.

As reported in June 2010, the World Bank raised its forecast for GDP growth in Uzbekistan in 2011 to 8.7 percent. World Bank experts motivated the forecast for economic growth in Uzbekistan, with a major infrastructure construction program, high energy prices and an expected current account surplus at 8.5 percent of GDP in 2011.

Current account balance of Uzbekistan will reach 8.3% to GDP in 2011, the World Bank said in its report. The figure will grow to 9.6% to GDP in 2012.

According to the WB estimates, the GDP of Uzbekistan in 2010 made up 8% and current account balance comprised 4.3% to GDP.

As reported earlier, Uzbekistan planned 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.

The Asian Development Bank changed the forecast of GDP growth of Uzbekistan in 2010  by 8.5 percent, in 2011 - up to nine percent in September. According to ADB, inflation in Uzbekistan in 2010 and 2011 could reach 9.3 percent and 9 percent, respectively, current account balance - 13 percent of GDP in 2010, 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 forecasts of the Economist Intelligence Unit (EIU), in 2011 one of the highest economic growth rates in the world - 7.9 percent will be registered in Uzbekistan.