IMF improves forecast of Uzbekistan’s economic growth to 6.1%

The International Monetary Fund expects faster economic growth in Uzbekistan in 2021, Spot reports. 

In the new version of the IMF’s World Economic Outlook, the forecast for this year has increased from 5%, predicted earlier, to 6.1%. In 2022, experts expect Uzbekistan’s GDP to grow by 5.4% (it was 5.3%).

The fund notes that economic activity in the world continues to recover, despite the pandemic. However, global economic growth will slow down slightly by 5.9% in 2021, and 0.1% below the previous forecast.

The main reason for the revision was the downgrade of the forecast for developed countries due to ongoing supply problems, as well as low-income countries and a worsening epidemiological situation.

IMF experts note the persistence of development gaps that opened up during the pandemic. In their opinion, they will affect the medium-term economic outlook.

“The main drivers of these gaps are access to vaccines and early government support,” the report says.

Prior to that, the World Bank also improved its economic growth forecast for Uzbekistan – from 4.8% to 6.2% of GDP. The ADB has also revised its estimates – this year it expects growth by 5% instead of 4%.