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Uzbekistan's economy to grow due to higher prices for raw materials - EBRD

Uzbekistan Materials 29 June 2021 13:26
Uzbekistan's economy to grow due to higher prices for raw materials - EBRD

BAKU, Azerbaijan, June 29

By Klavdiya Romakayeva - Trend:

The economy of Uzbekistan will grow by 5.6 percent in 2021 and by six percent in 2022, Trend reports with reference to the press service of the European Bank for Reconstruction and Development (EBRD).

According to the updated forecast of the EBRD in the Regional Economic Prospects (REP) report, key sectors of the Uzbek national economy, such as the service sector, general industry, construction and agriculture, showed growth.

The report notes that despite the COVID-19 pandemic important market reforms continue in the country, including the privatization of state-owned enterprises and banks.

The general outlook for Central Asia itself has been revised for the better, despite the fact that the recovery is far from uniform. The region's economy is projected to grow by 4.5 percent in both 2021 and 2022 due to higher prices for raw materials, which benefit exporters of raw materials, as well as the recovery of remittances.

“While the revised projections are encouraging, there is still considerable uncertainty about the future development of the COVID-19 Delta variant, which poses a serious risk for countries that have made less progress in vaccination, as well as for economies in highly dependent on international tourism,” EBRD Chief Economist Beata Javorcik said.

Also, the report notes that the prospects for international tourism remain very dim due to the persistence of large-scale restrictions on movement, so countries that depend on tourism continue to suffer.

Earlier, the EBRD predicted the growth of the economy of Uzbekistan by 6.5 percent in 2021.

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Follow the author on Twitter: @romakayeva

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