World Bank projects Uzbekistan's economy to grow in 2021-2022

Uzbekistan Materials 6 January 2021 10:53 (UTC +04:00)
World Bank projects Uzbekistan's economy to grow in 2021-2022

BAKU, Azerbaijan, Jan. 6

By Klavdiya Romakayeva - Trend:

World Bank forecasts that the economic growth of Uzbekistan in 2021 and 2022 will reach 4.3 percent and 4.5 percent, respectively, Trend reports referring to the World Bank’s report.

According to the January issue of the World Bank's World Economic Outlook report, Uzbekistan's GDP growth in 2020 is estimated at 0.6 percent.

In addition, the report says that overall economic growth is expected to recover to three percent in Central Asia this year, driven by modest increases in commodity prices and foreign direct investment as the subregion becomes more involved in China's Belt and Road Initiative.

Earlier, the Ministry of Finance of Uzbekistan reported that the country's government expects GDP growth in 2021 at 5.1 percent against 1.5 percent at the end of 2020 amid the crisis associated with the COVID-19 coronavirus pandemic.

In June 2020 it was reported that the economy in Central Asia region is forecast to decline by 4.7 percent, the recession will affect almost all countries, except for Uzbekistan - it was expected to grow at the level of 1.5 percent in 2020 (in April, the World Bank predicted the country's GDP growth of 1.6 percent).

As early as 2021, the World Bank expected the economy of Uzbekistan to recover to 6.6 percent.


Follow the author on Twitter: @romakayeva