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Asian Development Bank Improves Growth Outlook for Uzbekistan

The country’s economy will grow by 5% this year and 5.5% in 2022. In April, ADB forecast growth of 4% and 5%, respectively.

The Asian Development Bank has updated its annual economic publication Asia Development Prospects for 2021, which has improved forecasts for Uzbekistan.

According to the bank’s report, the country’s economy will grow by 5% this year and 5.5% in 2022. In April, ADB forecast growth of 4% and 5%, respectively:

The economy of Uzbekistan is expected to grow by 5% this year and 5.5% next year, subject to effective vaccination against coronavirus (COVID-19) and continued rapid recovery of industry, services, investment and private business – says today Asian Development Bank (ADB) report.

The country is expected to grow 6.2% in the first half of 2021 , as industry rebounded strongly from a slump last year thanks to increased production, mining and quarrying. Services growth accelerated to 8% on the back of growth in trade, transport and storage.

“Effective implementation of the government’s COVID-19 vaccination program will be vital to protect the people of Uzbekistan, restore confidence, and support the promising growth we saw in the first half of this year,” said ADB Country Director for Uzbekistan Cindy Malvichini.

Inflation decelerated in the first half of 2021 to 10.9% from 13.9% last year. Improved food production helped slow the rise in food prices, while electricity and gas tariffs remained unchanged.

With continued monetary policy and unlikely changes in energy tariffs, ADB maintained its inflation forecasts of 10% and 9% for 2021 and 2022, respectively.

The current account deficit widened in the first half of 2021 due to increased imports of capital and intermediate goods and transport services. Due to significant growth in imports, ADB expanded its current account deficit projections in 2021 and 2022.

Spot previously wrote that the Central Bank revised its forecast for the economy in 2021 and expects GDP growth to 6.8%.