ADB cuts its forecast on Uzbekistan’s GDP growth for 2014-2015
25/09/2014 14:07
ADB cuts its forecast on Uzbekistan’s GDP growth for 2014-2015
25/09/2014 14:07
Tashkent, Uzbekistan (UzDaily.com) -- Asian Development Bank (ADB) decreased its forecast on growth of gross domestic product (GDP) of Uzbekistan for 2014 and 2015.
According to the Asian Development Outlook Update, Uzbekistan’s economy will grow by 7.6% in 2014. In April 2014, the bank forecasted that the GDP of Uzbekistan will grow by 8% this year.
The ADB also decreased its forecast for Uzbekistan’s GDP growth for 2015 – from 7.8% to 7.1%. The report said that forecast was reduced due to stagnant economic situation in Russia, China and South Korea, which are main trade partners of Uzbekistan.
According to the ADB, inflation rate in Uzbekistan will reach 11%in 2014 and 10% in 2015. The ADB did not change the forecast on inflation.
The bank forecasted that current account balance will make up3.9% to GDP in 2014 (April forecast – 4.7%) and 2.8% in 2015 (April forecast – 3.6%), the bank said.
Asian Development Outlook and Asian Development Outlook Update are ADB’s flagship economic reports analyzing economic conditions and prospects in Asia and the Pacific, and are issued in April and October, respectively.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.
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