WB downgrades GDP growth of Uzbekistan

According to the World Bank’s Global Economic Prospects, the growth of gross domestic product (GDP) of Uzbekistan in 2016 will make up 7.3%. Earlier, in January, the Bank projected 7.5% growth of Uzbekistan’s GDP in 2016.

The experts of the bank forecasted that economy of Uzbekistan will grow by 7.2% in 2017 and 7.2% in 2018. Earlier, the Bank said that Uzbekistan record 7.7% GDP growth both in 2017 and 2018.

The World Bank is downgrading its 2016 global growth forecast to 2.4% from the 2.9% pace projected in January. The move is due to sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and diminishing capital flows.