IMF Expects Uzbekistan’s Economy to Grow Faster

While the recovery of global GDP is going to slow down

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.

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