TASHKENT, Uzbekistan, December 27. International Monetary Fund (IMF) projects Uzbekistan’s real GDP growth to stand at 5.7 percent by the end of 2023, Trend reports.
The remark was made during a meeting between the mission of the IMF headed by Yasser Abdikh and the representatives of the Uzbek authorities in Tashkent.
During the meeting, the parties discussed prospects of Uzbek economic development, as well as IMF’s policy priorities in the country.
The mission observed that Uzbekistan's economy has shown extraordinary resilience in the face of recent global problems. Following the geopolitical upheaval, the economy faced an influx of migrants and a considerable increase in remittances in 2022, which boosted domestic demand.
"This, combined with an increase in external demand, led to real GDP growth of 5.7 percent in 2022. Although remittances have fallen to pre-war levels this year, significant fiscal expansion, high wage growth and exports should support real GDP growth of 5.7 percent in 2023," IMF’s representative explained.
As per IMF, by the end of 2023, 12-month inflation is projected to decrease by more than 3 percentage points compared to the same period last year, to 9 percent, due to a high real rate, a decrease in the value-added tax rate and a decrease in world food and energy prices.
Meanwhile, the IMF anticipates that Uzbekistan’s real GDP will stand at 5.5 percent in 2028, with no changes from the 2023 and 2024 projections.
Uzbekistan plans to bring GDP to $160 billion by 2030, and the volume of exports is planned to increase to $45 billion as opposed to $18.5 billion in 2022.
The volume of GDP in Uzbekistan amounted to $80.4 billion in 2022, an increase of 13 percent compared to $69.24 billion in 2021.