Baku, Azerbaijan, Dec. 27
By Rashid Shirinov – Trend:
Uzbekistan’s economy will expand by 5 percent in 2018 and 2019 before annual GDP growth accelerates to 6 percent by 2021 as the beneficial effects of structural reforms begin to be felt, Trend reports citing the World Economic League Table 2019 (WELT) of the Centre for Economics and Business Research (CEBR).
“The economy has grown strongly in recent years, and this momentum looks to have been carried into 2018, driven by the construction and mining sectors,” said WELT.
However, energy shortages have constrained growth in some areas, highlighting how infrastructure bottlenecks continue to hold the Uzbek economy back, according to the report.
“The government has recently focused on liberalizing the economy and fostering private sector growth. The country has already lifted barriers to foreign investments, loosened business regulations and liberalized prices in key sectors, while the president has promoted the establishment of an anti-corruption committee,” said WELT.
The report said that this reform agenda has the potential to facilitate impressive economic growth in the medium term, by boosting foreign investment, international competitiveness and domestic productivity.
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