IMF projects 5% GDP growth for Uzbekistan in 2021
The annual inflation rate is estimated to be less than 10%.
From January 25 to February 17 this year, the International Monetary Fund mission held online consultations with a number of ministries and departments of the Republic of Uzbekistan in accordance with IMF's Article IV.
The final report was released by the IMF.
You can read the report via link.
Growth is expected to pick up in 2021. With the rollout of vaccines globally, a recovery of trading partner growth, and building on the domestic recovery, the economy is projected to grow by about 5 percent in 2021.
The current account deficit is projected to widen slightly, to about 6½ percent of GDP, as imports are expected to recover faster than exports. Inflation is projected to decline marginally, to just below 10 percent by end-2021 due to food price pressures and government wage increases.
It is mentioned that the COVID-19 pandemic had a short-term negative impact on the Uzbek economy and that the government had taken timely and decisive action. As a result, Uzbekistan has become one of the few countries to show economic growth in 2020.
As the global pandemic abates, Uzbekistan still need to secure strong, sustainable, and inclusive growth to narrow the income gap relative to other emerging economies and achieve the Sustainable Development Goals. The authorities will need to continue with wide-ranging structural reforms tohelp achieve this, including by reducing the role of the state in the economy and creating an environment conducive to strong private sector growth, while expanding the social safety net to protect vulnerable households
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