BAKU, Azerbaijan, January 11. The highest GDP growth among the countries of Central Asia in 2023 is expected in Tajikistan, Trend reports, citing the latest economic outlook from the World Bank (WB).
According to the data, the growth of Tajikistan’s economy in 2023 is expected at 5 percent, which is up by 1.7 percentage points, compared to the June 2022 outlook.
At the same time, Tajikistan’s GDP growth in 2024 is forecast to slow down to 4 percent (down by 0.3 percentage points, compared to June 2022).
Meanwhile, Uzbekistan ranks second among Central Asian economies in terms of GDP growth with 4.9 percent. However, the forecast has been downgraded slightly by 0.4 percentage points, compared to the previous outlook.
Although, Uzbekistan’s GDP growth in 2024 is expected at 5.1 percent (down by 0.4 percentage points, compared to June 2022) - the highest GDP growth among Central Asian countries.
Meanwhile, Kazakhstan and Kyrgyzstan are both expected to show the growth of 3.5 percent in 2023, and 4 percent in 2024.
“Growth in Central Asia is projected to remain flat at 3.9 percent in 2023, with activity held back by weak external demand, especially from Russia and China. Although growth in both the Kyrgyz Republic and Tajikistan is expected to exceed previous projections, renewed border tensions between the two countries pose headwinds to the outlook,” the WB’s report noted.
The GDP growth in Europe and Central Asia (ECA) is expected at only 0.1 percent. According to the report, the current forecast has been revised downward by 1.4 percentage points, since June 2022 outlook.