Tashkent, Uzbekistan (UzDaily.com) -- The growth of the economy of Uzbekistan in 2022 will be 4%. This is stated in the new report of the Asian Development Bank (ADB).

In their annual economic publication Asian Development Outlook Update (ADO) 2022, ADB experts maintained their forecast for Uzbekistan’s GDP growth.

At the same time, ADB raised its forecast for the growth of the economy of Uzbekistan in 2023 from 4.5% to 5%.

ADB notes that inflation in Uzbekistan will be 12% in 2022 and 11% in 2023. In April, the ADB forecast inflation in the region of 9% in 2022 and 8% in 2023, respectively.

The bank experts note that shocks from the Russian invasion of Ukraine to food and energy prices, as well as sluggish remittances in the future, are likely to reduce household income and consumption in the second half of 2022.