Forecasts for Uzbekistan's GDP growth revealed

Business Materials 6 June 2019 12:58 (UTC +04:00)

Baku, Azerbaijan, June 6


The World Bank did not change the forecast for the growth of the economy of Uzbekistan in 2019, according to new published data from the WB, reports Trend with reference to WB.

According to the forecasts of the World Bank, the growth rate of the economy of Uzbekistan in 2019 will be 5.3 percent. Moreover, in 2020 growth is expected at 5.5 percent, and in 2021 at 6 percent.

WB experts believe that the economy of Uzbekistan is still dependent on the dominant role of the state, as well as on traditional trading partners.

Moreover, the Asian Development Bank raised its forecast for GDP growth in Uzbekistan in 2019 to 5.2 percent compared to the forecast of 4.9 percent. ADB experts believe that the main engine of economic growth in Uzbekistan in 2019 will be investment, growth in agriculture and an increase in exports.

In particular, it is projected that the increase exports of goods will be 10 percent in 2019 and 12 percent in 2020 due to rising prices for gold, stable demand for natural gas from China, as well as increased exports of agricultural products to Russia and neighboring countries.

At the beginning of March the International Monetary Fund reported on the forecast of GDP growth in Uzbekistan in 2019 at 5.5 percent due to the investment boom in the country.

However, according to experts of the fund, the external demand for the country's main commodity exports may weaken. In turn, the government of Uzbekistan announced GDP growth in 2018 by 5.2 percent, in 2019 it expects the economy to grow by 5.4 percent and inflation by 15.5 percent.