IMF Expects Uzbekistan’s Economy to Grow Faster

International Monetary Fund (IMF) has upgraded its outlook for the growth of Uzbekistan’s economy in 2021 from 5% to 6.1%. 

In its World Economic Outlook, IMF reported that Uzbekistan’s economy is going to grow by 5.4% next year and 5.5% in 2026. 

According to the survey, Kazakhstan’s economy will also increase from 3.2% to 3.3%. The outlook toward Kyrgyzstan is less optimistic as the country can lose much of its growth: from 6% to 2.1%. Another Central Asian state Turkmenistan is also going to lose a little bit of its growth from 4.6% to 4.5%. The outlook in regard to Tajikistan didn’t change and is about 5%.

Even though many countries’ economies have shown good performance, global economic growth is slowing down. As the IMF experts noted, the world’s economy will grow 5.9% this year and 4.9% next year (the latest outlook for 2021 is 0.1% lower than it was in July). 

«The downward revision for 2021 reflects a downgrade for advanced economies—in part due to supply disruptions—and for low-income developing countries, largely due to worsening pandemic dynamics,» the survey said.

Asian Development Bank has also improved its outlook on Uzbekistan’s economy; the organization expects it to grow by 5% this year, not 4% as previously projected.