WB cuts Uzbekistan’s GDP growth forecast
The World Bank has lowered Uzbekistan’s GDP growth forecast from 7.6 percent predicted in June to 7 percent in 2015, the WB report on "Low commodity prices and weak currencies, the global economy prospects" says.
WB has lowered Uzbekistan’s GDP growth forecast from 7.8 percent to 7.5 percent in 2016, up to 7.7 percent in 2017 compared to eight percent projected in June.
The WB current report, as June’s one, stated the growth of Uzbekistan's economy at 8.1 percent in 2014, which corresponds to the official statistics of the country.
WB estimated Uzbekistan’s GDP growth as of 2014 at 7.9 percent in January 2015.
The weak economic indices among the country's main trading partners (Russia, China, Kazakhstan, Turkey and Korea) and low prices for the main export commodities (gas, copper, cotton and gold) influence Uzbekistan’s economy, the report said.
In this regard, the bank predicts that Uzbekistan’s exports will decline by 6.7 percent in 2015, increase by 3.1 percent in 2016 and by 8.9 percent in 2017.
While expecting the reduction of the import volume, the external current account balance will be 0.2 percent of GDP in 2015 compared to 1.3 percent in 2014, 0.3 percent in 2016, 0.4 percent of GDP in 2017, the report said.
The WB experts also expect that the volume of remittances to the republic will be reduced by 55 percent.
According to the WB calculations, the inflation will be 11 percent as of 2015, 10.2 percent - in 2016 and 2017.
Uzbekistan joined the WB in 1992.
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