22.01.2021

G D P   g r o w t h   o f   U z b e k i s t a n   i n   2 0 2 0  

The January issue of the World Bank’s report “World Economic Situation and Prospects” (WESP), justified the forecast of GDP growth of Uzbekistan for 2020 and amounted to 0.6%.

In the second half of 2020, Uzbekistan’s GDP growth rate was estimated to decline from 1.5% to 0.6%. The slowdown in GDP growth, as in many Central Asian countries, is associated with isolation measures that have had a significant impact on the economy. In particular, a decline in the share of exports and imports, a reduction in international remittances, as well as a reduction in the flow of tourists and the maintenance of the country’s social stability.

Despite the sharp decline, the World Bank forecasts that Uzbekistan’s GDP will grow by 4.3% in 2021, 4.5% in 2022. The European Bank for Reconstruction and Development`s (EBRD) new Regional Economic Prospects report forecasts a 6.5% increase in the country’s GDP for 2021.

Locations
Subscribe to our newsletter for the latest news and insights: