BAKU, Azerbaijan, May 16. The European Bank for Reconstruction and Development (EBRD) forecasts Uzbekistan's GDP growth at 6.5 percent in 2023, Trend reports via the latest 'Regional Economic Prospects' outlook from the bank.
Thus, according to the report the forecast has been left unchanged, compared to the previous outlook (February 2023).
At the same time, the EBRD noted that the country's economic growth in 2022 stood at 5.7 percent.
"In 2022, the Uzbek economy posted broad-based growth of 5.7 percent, reflecting a significant improvement in external and domestic demand conditions. Exports of goods and services added 15.9 percent, with particularly large increases in shipments of textile, fruit, copper pipes, and electrical appliances (mostly to Russia). Domestic demand was boosted by a surge in money transfers and remittances (up 110 percent) and relocation of Russian companies and individuals," the report said.
As the EBRD expects, Uzbekistan's GDP growth will also stand at 6.5 percent in 2024 to 4.2 percent. This forecast has been revised down slightly by 0.5 percent since the last outlook.
"With its strong fundamentals (external and fiscal buffers, low government debt and high growth), the economy is projected to grow at 6.5 percent in both 2023 and 2024. Continued relocation of foreign companies, well-managed privatizations and business climate reforms are potential upsides (particularly when it comes to the development of small and medium-sized enterprises)," the report added.