BAKU, Azerbaijan, June 8. World Bank expects Uzbekistan’s GDP growth to be 5.3 percent in 2023 and 5.5 percent in 2024,Trend reports via the bank’s report.
In 2022 country’s GDP growth at market prices is projected to be 4.3 percent, while in 2021 it was 7.4 percent.
Previously, WB reported that Russia-Ukraine conflict will slow Uzbekistan’s growth to 3.6 percent in 2022, due to a halving of remittances, record global oil and food prices, trade, investment, and banking disruptions, and the return of migrant workers.
According to the bank, growth is expected to be weakened in most countries in Central Asia because of tight economic linkages with the Russian economy. Growth is projected to about halve in 2022 from 2021, falling to 2.4 percent in Central Asia.
Although higher global commodity prices should provide windfalls that help cushion activity in some economies (Azerbaijan, Kazakhstan, Uzbekistan), these benefits are likely to be limited.