Uzbekistan is expecting 5.3% economic growth next year

The economy of Uzbekistan is expected to grow by 5.3% in 2023. This forecast was announced during the country’s cabinet meeting over macroeconomic outlooks for 2022-2023 under the chairmanship of President Shavkat Mirziyoyev, according to the president’s press service.

«As we continue to see global uncertainty next year, we are going to focus on macroeconomic stability while avoiding sharp growth in inflation,» the official statement said.

This year Uzbekistan may reach a 5.5% growth of the national GDP and a 13% increase in exports ($19 billion). The country’s government has prioritized reducing unemployment and raising living standards, both of which it will do in the future.

Next year, Uzbekistan will spend $887.7 million of public funds to support local businesses. Moreover, the government wants to attract $17.5 billion from commercial banks and $500 million from international financial organizations for the further development of the country’s economy.

It is expected that foreign direct investments will be increased by 19% ($10 billion).

In addition, Uzbekistan’s authorities are going to establish about 300 new investment projects throughout the country in order to increase industrial output by 11%. The government forecasts $8 billion of investments in these projects.

Earlier, the World Bank announced its forecast for economic growth in Uzbekistan at 4.9%.