The Central Bank of Uzbekistan has revised improving the forecast for the economy of Uzbekistan in 2021. At the beginning of the year, the regulator predicted GDP growth of 4.5 - 5.5%, now 5.8 - 6.8%.
This is due to increased consumption and the recovery of household incomes.
In the first half of the year, the volume of decentralized investments in fixed assets increased by 15% compared to the same period last year. However, with the introduction of restrictive measures related to the coronavirus pandemic, starting in 2020, a negative production gap began to form in the economy.
In recent months, the negative output gap has narrowed due to a gradual acceleration in economic activity according to the monetary policy review.
The inflation forecast has not changed and will remain at the same level 9-10%.
Earlier it was reported that the European Bank for Reconstruction and Development expected GDP growth in Uzbekistan at 5.6% in 2021, the World Bank retained its forecast for Uzbekistan's GDP growth in 2021 at 4.8% and predicts 5.5% growth in 2022. Accordingly, the International Monetary Fund predicted the growth of the economy of Uzbekistan by 5%, ADB predicted growth at the level of 4% in 2021 and 5% in 2022.