BAKU, Azerbaijan, April 4. Asian Development Bank (ADB) forecasts Uzbekistan’s GDP growth at 5 percent in 2023, Trend reports via the bank’s latest outlook.
The bank also projects that the country’s real GDP growth in 2024 will remain stable – at 5 percent.
“Growth remained strong but slowed across all sectors in 2022. Inflation accelerated while surging remittances and money transfers slashed the current account deficit. Cooling demand is projected to trim growth in 2023 and stabilize in 2024, especially in services and private consumption," ADB says.
The bank notes that Turkmenistan is expected to have the highest GDP growth among the Central Asian countries in 2023 – 6.5 percent, while Kazakhstan will exhibit the slowest growth this year – 3.7 percent.
Furthermore, the bank forecasts a slowdown in Uzbekistan’s inflation rate from 11 percent in 2023 to 10 percent in 2024.
Meanwhile, European Bank for Reconstruction and Development (EBRD) forecasts Uzbekistan’s GDP growth of 6.5 percent in 2023, while in 2024 this indicator will reach 7 percent.
At the same time, S&P Global forecasts Uzbekistan’s GDP growth at 5.0 percent in 2023, as compared to 5.8 percent in 2022. This figure is expected to rise to 5.5 percent in 2024 and will remain stable by 2025.