IMF says Uzbekistan is ahead of Kazakhstan, Kyrgyzstan and Turkmenistan in terms of economic growth

The International Monetary Fund (IMF) has published its next report on the development prospects of the world economy.

According to the report, Uzbekistan’s economy will grow by 5.5% in 2023, which is 0.2% higher than expected in April. The GDP growth forecast for 2024 was left unchanged at 5.5%.

In terms of economic growth rates, Uzbekistan is ahead of Kazakhstan, Kyrgyzstan and Turkmenistan, only slightly lower than Tajikistan.

For the Middle East and Central Asia region as a whole, GDP growth at the end of the year is only 2% – half of last year’s figure. In 2024, it is expected to accelerate slightly – up to 3.4%.

The IMF also improved the inflation forecast in Uzbekistan. Thus, instead of the previously expected 11.8%, inflation this year will be 10.2%, and next year it will slow down to 10%.

At the same time, the IMF predicts that the Central Bank’s goal of achieving 5% inflation by 2028 will be a difficult task.

Moreover, the current account deficit will increase to 4.3% and 4.6% in the next two years, respectively. The deterioration of expectations for this indicator may be related to the decrease in the volume of cross-border payments to the republic and the expansion of the foreign trade deficit.