“Azerbaijan and Uzbekistan are projected to experience only a moderate slowdown in 2009, followed by unchanged growth in 2010, as energy prices recover and fiscal expansions support domestic demand,” the report said.

The IMF said consumer prices in Uzbekistan will increase by 12.5% in 2009 and 9.5% in 2010. The IMF report noted that consumer prices grew 12.7% in 2008.

Current account balance surplus will slow down from 12.8% in 2008 to 7.2% in 2009 and 6.7% in 2010, the report said.