ADB: Uzbekistan's economy to grow 4.9pct in 2018
By Kamila Aliyeva
The GDP growth in Uzbekistan in 2018 will be 4.9 percent, the report of the Asian Development Bank (ADB) entitled “Updated review of the development of Asia 2018” said.
In April 2018, the bank forecasted that the economy of Uzbekistan in 2018 will grow by 5.5 percent.
At the same time, ADB experts reduced their forecast for Uzbekistan's GDP growth in 2019 from 5.6 percent to 5 percent.
The main reason for the decline is the protracted consequences of last year's devaluation of the sum, the bank's report said.
ADB notes that the growth of inflation in Uzbekistan will amount to 16 percent in 2018 and 14 percent in 2019.
The Asian Development Bank was founded in 1966. The mission of the bank is to reduce poverty in the Asia-Pacific region (APR) through inclusive economic and environmentally sustainable growth, as well as regional integration. The head office of ADB is located in the capital of the Philippines - the city of Manila. The bank's shareholders are 67 countries, 48 of which are located in the Asia-Pacific region.
Uzbekistan joined the ADB in August 1995. Since joining ADB, Uzbekistan has received 67 loans totaling $ 7 billion, including two loans to the private sector for a total of $ 225 million.
ADB also provided $ 6 million in equity investments, $ 218 million in guarantees and $ 83.6 million in technical assistance grants.
In 2018, ADB signed loans totaling $ 750 million to improve the efficiency of electricity generation and to support ongoing reforms through better management of the country's economy.
Since 2001, thanks to ADB projects, more than 4.5 million Uzbeks have gained access to water and sanitation services. Since 2011, the rural housing development program, funded by ADB, has provided affordable housing with modern infrastructure to over 41,000 families in Uzbekistan living in rural areas.
The ADB program in Uzbekistan has provided loans, grants and technical assistance to grow the country’s economy and improve the lives of people, particularly the poor, women, children and other vulnerable groups.
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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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