Inflation rate in Uzbekistan expected to fall in 2024 - IMF

Uzbekistan Materials 11 April 2023 20:15 (UTC +04:00)
Nazrin Babayeva
Nazrin Babayeva
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BAKU, Azerbaijan, April 11. The inflation rate in Uzbekistan is expected at 11.8 percent in 2023, increasing by 0.4 percent, compared to the estimated 11.4 percent in 2022, Trend reports via the latest World Economic Outlook from the International Monetary Fund (IMF).

At the same time, IMF expects Uzbekistan's inflation rate to slow down to 9.9 percent in 2024.

The fund notes that among the Central Asian countries in 2023 the highest inflation rate will be recorded in Kazakhstan – 14.8 percent, while Tajikistan will exhibit the lowest inflation rate– 5.4 percent.

Furthermore, IMF forecasts Uzbekistan’s GDP growth at 5.3 percent in 2023, and this indicator will be up by 5.5 percent in 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.

Meanwhile, ADB (Asian Development Bank) expects Uzbekistan's inflation rate to reach 11 percent in 2023, and to slow down to 10 percent in 2024.