The European Bank for Reconstruction and Development (EBRD) expects Uzbekistan's gross domestic product (GDP) to grow by 5.6% in 2021. At the same time, growth in 2022 will amount to 6%, follows from the updated forecast of the European Bank for Reconstruction and Development (EBRD) in the report "Regional Economic Prospects" (REP).
Earlier, the EBRD predicted that the economy of Uzbekistan will grow 6.5% in 2021.
According to the report, key sectors of the national economy, such as the service sector, general industry, construction and agriculture have increased this year.
Despite the pandemic, the report notes that important market reforms continue in the country, including the privatization of state-owned enterprises and banks.
The overall outlook for Central Asia has been revised for the better, although the recovery is far from uniform. The region's economy is projected to grow by 4.5% in both 2021 and 2022 due to higher prices for raw materials, which benefit exporters of raw materials, as well as the recovery of remittances.
“While the revised forecasts are encouraging, there is still considerable uncertainty about the future development of the Covid-19 Delta variant, which poses a serious risk for countries that have made less progress in vaccination, as well as for economies, highly dependent on international tourism”, said EBRD Chief Economist Beata Javorczyk.