The Asian Development Bank (ADB) has published a forecast for the development of the economy of Uzbekistan this and next year, Report informs referring to Uzbek media.
The country’s GDP will grow by 5.5%, which is slightly higher than the April forecast of 5%. The bank gives the same forecasts for next year.
Consumption growth will slow as persistently high inflation reduces real incomes and household demand, despite rising wages and pensions. Exemption from taxes and customs duties on basic food products will help curb price increases. Inward remittances have fallen significantly due to a decline in the number of Uzbek seasonal migrant workers in Russia, which led to an increase in the current account deficit, reads the ADB article.
According to the forecast, Uzbekistan has every chance of becoming an upper-middle income country by 2030. However, with the development of industry, ADB recommends taking more sustainable action to transition the country to a green economy.