BAKU, Azerbaijan, Oct. 1
By Klavdiya Romakayeva - Trend:
Uzbekistan is expected to recover its 2019 GDP per capital level in 1Q2022, a revised forecast of the European Bank for Reconstruction and Development (EBRD) said, Trend reports citing the EBRD.
In June and July 2020, the EBRD conducted a survey of 1,652 SMEs in 15 economies in the EBRD regions (Bulgaria, Croatia, Egypt, Jordan, Kazakhstan, the Kyrgyz Republic, Lebanon, Mongolia, Morocco, Romania, Tajikistan, Tunisia, Turkmenistan, Uzbekistan and the West Bank and Gaza), aiming to assess the early effects of the Covid-19 crisis on SMEs.
Economic growth in Uzbekistan slowed down but remained positive at 0.2 percent year-on-year in the first half of 2020.
The EBRD revised report increased Uzbekistan’s GDP forecast for 2020 by 4,5 percent saying that country’s GDP now expected to be negative 3.5 percent compared to the negative 2 percent forecast earlier.
In addition, Uzbekistan’s GDP in 2021 is forecast to be negative 2 percent, which is compared to a 4.5 percent increase forecast earlier this year.
The EBRD report also noted that country’s GDP stood at a 5.6 percent increase in 2019, and at 0.2 percent decrease in 1H2020.
Uzbekistan’s GDP as of the end of 2021 is forecast to increase by 3.1 percent.
Overall, real GDP is forecast to contract by 2 percent in 2020. A recovery of 4.5 percent is expected in 2021, driven by a rebound in exports and domestic demand.
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