25 June 2019

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Finance
8 Apr  2019 398

The World Bank forecasts 5.3% growth for Uzbekistan

The World Bank raised its forecast for GDP growth from 5.1 to 5.3%. Market reforms are expected to lead to the liberalization of such sectors as tourism, food, chemical and textile industries.  In 2020, Uzbekistan’s economy is expected to grow at 5.5%, and in 2021 as much as 6%.

Inflationary pressure will continue in the next two years, but the consequences of the improved economic situation are expected to manifest themselves only by 2021.

The next stage of market reforms should be aimed at solving more complex issues in such sectors as finance, agriculture and land privatization.

In addition, the report notes that transformations in the above sectors are crucial for economic transformations and will lead to sustainable growth and job creation. They also carry significant economic and social risks that will need to be carefully considered, controlled and managed.

 

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