WB: Uzbekistan’s GDP to grow by 7% in 2015
27/10/2015 20:31
WB: Uzbekistan’s GDP to grow by 7% in 2015
27/10/2015 20:31
Tashkent, Uzbekistan (UzDaily.com) -- The growth of economy of Uzbekistan will slow down from 8.1% in 2014 to 7% in 2015, according to the World Bank’s new report “Low commodity prices and weak currencies”, dedicated to the forecast of economic development of the European and Central Asian region, said.
According to the experts of the World Bank, the gross domestic product of Uzbekistan will grow by 7.5% in 2016 and 7.7% in 2017.
Economic growth is projected to slow to 7 percent in 2015. Two external factors are expected to influence the performance of the Uzbek economy in 2015 and 2016-17.
First is the weak economic performance in the country’s main trading partners (Russia, China, Kazakhstan, Turkey and Korea,) and, second, lower prices of Uzbekistan’s key export commodities -- gas, copper, cotton, and gold. These factors are expected to lead to exports dropping by 6.7 percent, and remittances dropping by 55 percent in 2015. Imports are also expected to decline due to slower growth in industry and tighter control over access to foreign exchange. In turn, the external current account surplus is expected to drop to 0.2 percent of GDP in 2015, from 1.3 percent in 2014.
At the same time, the bank said that the exports of Uzbekistan will grow by 3.1% in 2016 and 8.9% in 2017. The external current surplus will make up 0.3% of GDP in 2016 and 0.4% in 2017.
The World Bank said the Uzbek Government should continue reforms to simulate private investments into economy. These reforms can comprise, improving the business environment and governance to reduce cost of trade and finance, further reducing taxes on firms and individuals, and increasing incentives for private investors and SOEs to adopt technologies and for employees to increase productivity.
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