WB: Uzbekistan’s GDP to grow by 7.4% in 2017
25/11/2016 17:05
WB: Uzbekistan’s GDP to grow by 7.4% in 2017
25/11/2016 17:05
Tashkent, Uzbekistan (UzDaily.com) -- Gross domestic product (GDP) of Uzbekistan will grow by 7.4% in 2017, the World Bank forecasted.
The World Bank published a report on economy of the Europe and Central Asia region.
The report said that continued recession in Russia — Uzbekistan’s second largest trading partner and its primary source of remittances,— slowing growth in China (Uzbekistan’s largest trading partner), and declining prices of Uzbekistan’s export commodities (natural gas, copper, and cotton) all contributed to a slight reduction in Uzbekistan’s GDP growth in 2016.
Private consumption remained weak, as income eroded due to persistently high inflation and a 19% ( y/y) fall in r emittances from Russia (as measured in US dollar terms). By contrast, robust investment activity (discussed below), stimulated by some tax relief, supported growth.
According to the World Bank forecast, the GDP of Uzbekistan will grow by 7.3% in 2016. Next year, it is expected that the economy of Uzbekistan will grow by 7.4%. In 2018, the country’s GDP will grow by 7.4%.
Inflation rate in Uzbekistan will make up 10% in 2016 as in 2015. The inflation will decrease to 9% in 2017 and 8% in 2018.
Current account balance will reach 1.1% to GDP in 2016, 1.3% in 2017 and 1.3% in 2016, the World Bank’s report said.
The bank said that the debt of Uzbekistan will grow from 10.5% of GDP in 2015 to 15.5% of GDP in 2016. The debt will fall to 13.9% of GDP in 2017 and 12.1% of GDP in 2018.
The Government of Uzbekistan expects that the growth of GDP will make 7.8% in 2016 and 8% in 2017.
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