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Economic growth is predicted for Uzbekistan in 2021

The growth of the economy of Uzbekistan in the current and next years will reach 4.3 percent and 4.5 percent, respectively, the World Bank reports.in his report “Prospects for the development of the world economy.

“In Central Asia, economic growth is expected to recover to 3 percent in 2021. This will be facilitated by modest increases in commodity prices and foreign direct investment as the subregion becomes more involved in China’s Belt and Road Initiative.

The bank’s experts note the “clear predominance” of the risk of negative developments in the situation.

“The immediate prospects for economic growth in the region are clouded by uncertainty over the recent surge in COVID-19, which has contributed to social unrest in some countries, and the risk of escalating geopolitical tensions,” the report said.

It was noted that the increase in the incidence of coronavirus in Europe and Central Asia may entail tighter restrictions and a sharper reaction from households and companies.

The recovery is likely to be sluggish, experts say, unless policymakers take decisive action to curb the pandemic and implement reforms that boost investment.