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EBRD improves outlook for Uzbekistan’s economy

The organization expects a recovery in private consumption and investment.  

In 2021, the economy of Uzbekistan will grow by 5.6% , in 2022 – by 6% , follows from the updated forecast of the European Bank for Reconstruction and Development (EBRD) in the Regional Economic Prospects (REP) report.

According to him, key sectors of the national economy, such as the service sector, general industry, construction and agriculture, showed growth. The report notes that, in spite of the pandemic in the country continue the important market-oriented reforms, including privatization of state enterprises and banks.     

The overall outlook for Central Asia has been revised for the better , although the recovery is far from uniform. It assumed economic growth of the region at 4.5% both in 2021 and in 2022 for the account of increase in price raw materials, from which benefit exporters of raw materials, as well as the recovery of remittances.             

The active roll-out of vaccination programs and the improvement of the health situation are allowing the gradual move away from social distancing measures and other restrictions. As a result, the economies of the countries were reset.    

The mostly recovered industrial output and retail sales, and the mobility of the population in those regions in which the Bank invests in most cases returned to the levels seen prior to the pandemic.        

The outlook for international tourism remains very dim due to the persistence of large-scale travel restrictions , and tourism- dependent countries continue to suffer.  

Public debt in many countries is at levels last seen during a recession in the early 1990s and could rise even more. And although the level of bankruptcies has so far been contained thanks to active political support, problems may arise when government support measures are curtailed.        

Earlier, the EBRD predicted the economy of Uzbekistan in 2021 growth of 4.5%