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WB retains Uzbekistan's GDP growth forecast at 7pct

18 June 2014 10:20 (UTC+04:00)
WB retains Uzbekistan's GDP growth forecast at 7pct

The World Bank (WB) retained the forecast of Uzbekistan's gross domestic product (GDP) growth in 2014 at 7 percent projected in January 2014, the WB June report "Global Economic Prospects" reads.

Uzbekistan's GDP growth will amount to 6.7 percent in 2015 and 2016, according to the current forecast.

Gas exports will help the economic growth of Uzbekistan, but low prices for cotton and gold, as well as the difficult economic situation in the main export markets (including Russia, Turkey, Ukraine and China) will not allow achieving GDP growth at the level of 8 percent, as in recent years, according to the report.

Uzbekistan's current account balance was 2.1 percent of GDP in 2014 compared to 1.2 percent in 2013, 1.8 percent - in 2015 and 0.7 percent - in 2016, according to the WB analysts.

WB expects that Uzbekistan's exports increased by 3.9 percent in 2014, by 4.5 percent in 2015 and the same amount - in 2016. The import growth will hit 9.5 percent in 2014, 7.9 percent - in 2015 and 6.2 percent - in 2016.

It was reported that the economic growth is forecasted by the government at 8.1 percent, industrial production - by 8.3 percent, agriculture - six percent, investments - by 9.5 percent in 2014.

Uzbekistan joined the World Bank in 1992. The bank has provided Uzbekistan with loans totaling about $2 billion to implement the projects in the area of privatization, financial sector development, modernization of agriculture, energy, improvement of social infrastructure, health and education since 1995.

At present, the bank's total current liabilities to Uzbekistan are more than $1 billion.

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