European Bank for Reconstruction and Development (EBRD) revised its forecast for Uzbekistan’s GDP growth for 2022-2023, Trend reports via the bank.
According to the bank, in 2023 the economy is forecast to grow at 6.5 percent, while for 2022 growth rate is expected at the level of 5.5 percent.
Having avoided recession in 2020, Uzbekistan’s economy enjoyed very strong growth of 7.4 percent in 2021 and continues in 2022 to demonstrate exceptional resilience in the face of strong geopolitical headwinds since Russia-Ukraine conflict.
Uzbekistan’s GDP grew by 5.2 percent year-on-year in the first six months of 2022, with services, industrial output and construction growing by 7.6, 5.1 and 6.2 percent, respectively. Exports and imports are both up by more than 30 percent, though the country has not played a major role as a source of shadow imports to Russia.
Overall, Uzbekistan continues to enjoy very strong economic development, relying on a large and industrious labor force, a sizeable domestic market, strong and diversified manufacturing capacity and market-oriented reforms.