TASHKENT, Uzbekistan, September 30. The European Bank for Reconstruction and Development (EBRD) has revealed its gross domestic product (GDP) growth forecast for Uzbekistan in 2024–2025, the EBRD told Trend.
The EBRD forecasts Uzbekistan's GDP growth at 6.0 percent in 2024. Thus, the forecast has declined by 0.5 percent compared to the previous outlook in May 2024 (6.5 percent).
In 2025, GDP growth will be 6.0 percent. This figure has been left unchanged compared to the previous outlook in May 2024.
"As a result of spring floods in Kazakhstan and what seems to be a plateau in intermediated commerce with Russia, analysts predict that growth in Central Asia will drop from 5.7 percent in 2023 to 5.4 percent in 2024. In 2025, however, growth is anticipated to reach 5.9 percent," the bank noted.
"Uzbekistan’s growth is being fuelled by an increase in remittances and tourist arrivals. The Regional Economic Prospects report notes the strengthening of the country’s services and industrial production sectors. The EBRD expects Uzbekistan’s economy to expand by 6.0 percent in both 2024 and 2025 on continued market-oriented reforms and infrastructure investments. However, an energy deficit, which has already led to an increase in mineral-fuel imports, could pose challenges and limit growth opportunities," the EBRD emphasized.
Meanwhile, Uzbekistan is the leading recipient of EBRD funding in Central Asia for the fourth year in a row. To date, the bank has invested around 4.7 billion euros in 162 projects across the country, with most of those funds supporting private entrepreneurship.