BAKU, Azerbaijan, April 4. Uzbekistan's inflation rate is expected to reach 11 percent in 2023, Trend reports, referring to the forecast of the Asian Development Bank (ADB).
At the same time, the bank expects Uzbekistan's inflation rate to slow down to 10 percent in 2024.
“Protracted monetary tightening is expected to reduce inflation, despite an anticipated rise in utility tariffs,” ADB says.
The bank notes that among the Central Asian countries in 2023 the highest inflation rate will be recorded in Kyrgyzstan – 12 percent, while Tajikistan will exhibit the lowest inflation rate– 7 percent.
Previously, the ADB, its September report, increased the forecast for Uzbekistan’s inflation rate for 2023 from 8 percent to 11 percent.
Furthermore, the bank forecasts Uzbekistan’s GDP growth at 5 percent in 2023, and this indicator is to remain stable by 2024.
At the same time, the Renaissance Capital investment bank forecasts Uzbekistan’s inflation rate to start decreasing in 1H2023 and reach 7 percent by the end of 2023, while the country’s inflation to decelerate further to 6 percent by the end of 2024.