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WB forecasts GDP growth in Uzbekistan

Uzbekistan Materials 9 June 2021 15:20 (UTC +04:00)
WB forecasts GDP growth in Uzbekistan

BAKU, Azerbaijan, June 9

Trend:

The growth of the economy of Uzbekistan will reach 4.8 percent and 5.5 percent in 2021 and 2022 respectively, Trend reports on June 9 referring to the June issue of the World Bank's report "World Economic Outlook".

In general, the economic growth rates are expected to recover to 3.7 percent in 2021 and to 4.3 percent in 2022 in Central Asia.

“This will be facilitated by the slight increase in prices for raw materials, the weakening of restrictions on the volume of production in big oil-producing countries and an increase in foreign direct investments,” the analysts said.

In accordance with the World Bank's expectations, the global economic growth will reach 5.6 percent in 2021. This is the fastest rate of recovery from the recession during 80 years, mainly due to the intensive recovery of economic activity in several big countries.

However, many emerging market countries and developing countries continue to face difficulties while trying to cope with the COVID-19 pandemic and its consequences, the report said.

The World Bank predicts that the US economic growth will reach 6.8 percent this year, reflecting large-scale fiscal support measures and easing quarantine restrictions.

The growth rates in other countries with developed economy are also slightly strengthening.

Among emerging market countries and developing countries, an impressive 8.5 percent rise is expected to be this year in China's economy.

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