Throughout the region, the economy this year will grow only in Uzbekistan, according to the organization.
The COVID-19 pandemic adversely affected countries in Eastern Europe and Central Asia, according to the June issue of the World Bank’s World Economic Outlook.
The expansion of the outbreak of coronavirus in the countries of the region has intensified the decline in domestic demand, exacerbated supply disruptions and led to the cessation of a considerable share of economic activity.
A 4.7% decline is projected in the region’s economy, a recession will affect almost all countries except Uzbekistan (an increase of 1.5% is expected here)
This forecast is based on the assumption that the restrictive measures introduced by governments are phased out by the beginning of the second half of the year.
According to a scenario involving the gradual smoothing of the effects of the pandemic and the restoration of trade and investment, the region’s economy is expected to revive in 2021 and show growth of 3.6%.The World Bank believes that already in 2021, Uzbekistan will return to rapid growth.
Economic growth in 2021 is projected at 6.5%, the highest figure in five years. Private consumption will grow 6.1%, investment in fixed assets – 10.4%.
The growth of exports and imports next year is expected to reach 6.7% and 11.2%. Inflation is projected at 14.8%.
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