UN predicts slow economic growth rates for Uzbekistan

Uzbekistan, Tashkent, May 11 / Trend D. Azizov /

Economic growth will slow down in Uzbekistan to eight percent in 2012, the UN Economic and Social Commission for Asia and the Pacific (ESCAP) said in its annual report today.

According to the survey, the key risks to Uzbekistan include a weak external demand in the European Union and Russia, as well as the volatility of prices for commodities exported by the republic.

Inflation in Uzbekistan is forecasted by ESCAP analysts at 12.5 percent this year, which is lower than in 2011 (13.5 percent), but higher than in 2010 (9.4 percent).

According to the report, although the government's control of food prices and electricity tariffs helped to ease inflationary pressure, the rise in world commodity markets and the depreciation of the currency led to imported inflation.

The review stressed that Uzbekistan has the most stable economy in Central Asia with GDP growth at 8.5 percent in 2010 and 8.3 percent in 2011. According to the survey, the main factors in this case were the strong indices of services, favorable world prices for export goods (cotton, gas, gold), the growth of foreign and domestic investments,
as well as the expansion of private consumption.

The authors of the report stressed the importance of further diversifying the Uzbek economy to achieve higher and sustainable growth, as well as to ensure greater social and economic stability.

The UN Economic and Social Commission for Asia and the Pacific (ESCAP) was established in 1947 by the UN Economic and Social Council to promote economic development in the region.

ESCAP members are 28 countries in Asia and the Pacific Ocean, as well as Great Britain, the Netherlands, the USA and France. The Ministerial Council of the Asian Economic Cooperation, the Asian Council for Industrial Development, Asian Institute for Economic Development and Planning, Asian Institute of Statistics operate within the ESCAP.

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