The World Bank has published a regular report (published twice a year - in January and June). It highlights current trends, risks and forecasts for the development of global, regional and national economies.
According to the World Bank forecasts in its latest World Economic Outlook report, in 2023 the Europe and Central Asia (ECA) region will see a slight increase in economic growth rates - about 1.4%. However, due to Russia's invasion of Ukraine and its aftermath, growth prospects remain highly uncertain. Excluding Russia and Ukraine, the growth rate expected in the ECA region in 2023 will be 2.4%, i.e., will be reduced by almost 2 times.
According to the WB, Tajikistan and Uzbekistan are expected to show the highest GDP growth in 2023 among the 23 economies in the ECA region - 6.5% and 5.1% respectively. They are followed by Armenia and Georgia with 4.4% growth in 2023. Kazakhstan and Kyrgyzstan follows them with 3.5% growth in 2023 and 4.0% growth in 2024.
In a January report, the World Bank predicted Uzbekistan's GDP growth in 2023 by 4.9%.
The forecast for economic growth in Uzbekistan for 2024 and 2025 in the new report is 5.4% (an improvement in the forecast by 0.3 percentage points) and 5.8%, respectively.
In 2024-2025, the region is expected to increase in annual rates to 2.7%, supported by an increase in external and domestic demand against the backdrop of a gradual easing of the effects of recent economic shocks, as well as the normalization of inflation and fiscal policy. Growth gaps across the region should narrow as migrant and capital inflows from Russia decline and economic activity in the EU picks up, the WB report says.
CentralasianLIGHT.org
June 7, 2023