IMF expects faster economic growth in Uzbekistan

Business Materials 13 October 2021 11:20 (UTC +04:00)

BAKU, Azerbaijan, Oct. 13

By Fakhri Vakilov – Trend:

International Monetary Fund (IMF) expects faster economic growth in Uzbekistan in 2021, Trend reports citing the IMF.

According to the new version of the IMF World Economic Outlook, the forecast for this year has increased from 5 percent that was predicted before, to 6.1 percent. In 2022, IMF expects Uzbekistan's GDP will grow by 5.4 percent (previous forecast was 5.3 percent).

The fund notes that economic activity in the world continues to recover, despite the pandemic. However, global GDP growth will slow slightly to 5.9 percent in 2021; 0.1 percent below the previous forecast.

The main reason for the revision was the downgrade of the forecast for developed countries due to ongoing supply problems, as well as low-income countries and a worsening epidemiological situation.

IMF experts note the gaps in countries’ development that opened up during the COVID-19 pandemic. In their opinion, they will affect the medium-term economic outlook.

“The main drivers of these gaps are access to vaccines and early government support,” the report says.

Prior to that, the World Bank also improved its economic growth forecast for Uzbekistan - from 4.8 percent to 6.2 percent of GDP. Moreover, the ADB has revised its estimates as well- 5 percent in 2021 instead of 4 percent.


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