The Asian Development Bank has improved the growth forecast of Uzbekistan's economy

The Asian Development Bank (ADB) has improved the economic growth forecast of Uzbekistan for the current and next year. This was reported in the review of the regional development bank in September. According to the ADB forecast, the economy of Uzbekistan will grow by 5.5% annually in the next two years. In April, the bank predicted 5% economic growth. The increase in the export of food and textile products to Russia and the growth of investments are among the reasons for improving the forecast. The economy of Uzbekistan grew by 5.6% in the first half of the year, which was higher than expected. This was supported by fiscal stimulus, robust foreign trade, industrial growth and increased mining and investment. However, consumption has slowed due to double-digit inflation. Also, ADB does not expect inflation to fall below 10%. The report notes that price liberalization will help increase inflationary pressures in the short term. Inflation next year will be 10%, the lowest rate since 2015. "In the first half of 2023, inflation in Uzbekistan accelerated from 10.6% to 11% last year due to the increase in wages and pensions, and will remain high throughout the year due to the forecast increase in energy tariffs," the bank's report says.

Source: Uzreport.news