BAKU, Azerbaijan, June 19
By Ilkin Seyfaddini - Trend:
Asian Development Bank (ADB) has changed its forecast for the economy of Uzbekistan, Trend reports citing the bank’s report.
In early April 2020, the bank's analysts predicted the country's GDP growth at 4.7 percent, while in the published Asian Development Outlook Supplement, the bank predicted the growth at 1.5 percent.
At the same time, experts increased the forecasted GDP growth in Uzbekistan in 2021 from 5.8 percent to 6.5 percent.
Uzbekistan and Turkmenistan have become the only countries in the Central Asia and Caucasus region where ADB has predicted growth.
According to the report, inflation in Uzbekistan will reach 13 percent in 2020 and 10 percent in 2021. Remittances to Uzbekistan are expected to decline by the end of the year as migrant workers are unable to leave for seasonal work in Russia and other countries and demand for exports will remain weak during the year.
ADB's forecast is slightly different from that of the World Bank, which recently updated its forecast and now expects Uzbekistan's GDP to grow by 1.5 percent in 2020, and 6.6 percent in 2021.
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