TASHKENT, Uzbekistan, September 21. ADB (the Asian Development Bank) anticipates that Uzbekistan’s GDP growth rate in 2023 will reach 5.5 percent, which is an increase compared to the April forecast of 4 percent, Trend reports.
The bank also projects that the country’s real GDP growth in 2024 will remain stable – at 5 percent.
Bank analysts have pointed out that robust tourism and migrant flows from the Russian Federation had a positive impact on growth during the same months of 2023.
“Strong expansion in manufacturing and mining boosted growth beyond expectations in the first half of 2023,” the bank said.
According to the ADB, industry, agriculture, and capital investment will likely maintain steadily higher growth in the rest of 2023 and in 2024. With these projections, this update will raise growth forecasts for 2023 and 2024
Meanwhile, Uzbekistan is looking to Uzbekistan plans to bring Gross Domestic Product to $160 billion by 2030. The volume of GDP in Uzbekistan amounted to $80.4 billion in 2022 with an increase of 13 percent compared to $69.24 billion in 2021.
Earlier this year, Moody’s rating agency forecasted the growth of Uzbekistan’s GDP at the level of 5 percent in 2023. As per data provided by the analytical agency, Uzbekistan’s GDP levels will remain generally stable at around 5-6 percent in 2024.