The International Monetary Fund (IMF) has improved its inflation forecast for Uzbekistan, Zakon.kz reports.
According to the forecast, Uzbekistan's economy is expected to grow by 5.5% in 2023, which is 0.2% higher than the April projection. The GDP growth forecast for 2024 remains unchanged at 5.5%, Uzbek Kun.uz reports.
In terms of economic growth rates, Uzbekistan is outpacing Kazakhstan, Kyrgyzstan, and Turkmenistan, with only a slight lag behind Tajikistan.
For the Middle East and Central Asia region as a whole, GDP growth for the year is expected to be just 2%, which is half of the previous year. A slight acceleration to 3.4% is anticipated in 2024.
The IMF has also improved its inflation forecast for Uzbekistan. Instead of the previously expected 11.8% inflation, it is now forecasted to be 10.2% for the current year, and it is expected to slow down to 10% in the following year.
However, the IMF suggests that achieving the Central Bank's goal of 5% inflation by 2028 will be a challenging task.
Moreover, the current account deficit is projected to increase to 4.3% and 4.6% over the next two years. The worsening expectations in this regard may be linked to a decrease in cross-border payments into the country and an expansion of the trade deficit.
CentralasianLIGHT.org
11 октября 2023 года