EBRD updates forecast on Uzbekistan’s GDP growth for 2023

Uzbekistan Materials 18 February 2023 09:11 (UTC +04:00)
Nazrin Babayeva
Nazrin Babayeva
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BAKU, Azerbaijan, February 18. European Bank for Reconstruction and Development (EBRD) has updated the forecast for Uzbekistan’s gross domestic product (GDP) growth for 2023-2024, Trend reports via the bank.

According to the bank, Uzbekistan’s GDP will increase by 6.5 percent in 2023.

The EBRD also projects that the GDP growth rate in 2024 will reach 7 percent.

The indicators for Uzbekistan have not changed from the EBRD’s estimations in September 2022. Turkmenistan's GDP growth is estimated at the same level as Uzbekistan, while Tajikistan is expected to have the highest GDP growth among the Central Asian countries this year.

The EBRD also notes that the GDP growth in Central Asia in 2023 is expected to stand at 4.9 percent, while Kazakhstan will exhibit the slowest growth among the Central Asian states.

Meanwhile, the current loan portfolio of the EBRD projects in Uzbekistan is estimated at 2.2 billion euros. Bank’s loan portfolio is calculated for the implementation of 69 projects. The major part of the investment portfolio (72 percent or 1.6 billion euros) focuses on sustainable infrastructure, 19 percent (428 million euros) – on financial institutions, and 9 percent (199 million euros) – on industry, commerce, and agribusiness.