Uzbekistan expects improvements in macroeconomic development in 2022

Uzbekistan Materials 3 November 2021 18:23 (UTC +04:00)
Uzbekistan expects improvements in macroeconomic development in 2022

BAKU, Azerbaijan, Nov 3

By Natavan Rzayeva - Trend:

A gradual improvement in macroeconomic development of Uzbekistan without significant external risks in external and internal economic conditions is expected in 2022, Trend reports citing the press services of Central Bank.

The conditions of macroeconomic development assume that economic activity will continue to grow at a high rate, and the investment and consumer demand will fully recover to the pre-pandemic level.

According to the Central Bank's calculations, the gross domestic product in 2022 will reach its potential level and the real rates of economic growth will be 5.5 - 6.5 percent, and in 2023-2024 about 6 percent.

The main drivers of economic growth will be a private domestic and foreign investment and structural reforms in various sectors of the economy.

The tasks of ensuring macroeconomic stability determine the conduct of gradual fiscal consolidation, and in this regard, the overall fiscal deficit is projected to decrease to 2 - 3 percent in 2023-2024.

The level of inflation in the country is expected to be 8 - 9 percent in 2022 and decrease to 5 percent in 2023-2024.