ADB lowers forecast for Uzbekistan’s economic growth in 2015
The Asian Development Bank (ADB) has lowered the forecast for Uzbekistan’s GDP growth in 2015 from 7.1 percent forecasted by the bank in September 2014 to 7 percent.
Uzbekistan’s economic growth will be 7.2 percent in 2016, according to the new Asian Development Outlook prepared by ADB.
The decrease of the forecasted figures is related to the weakening economy in the Russian Federation and decrease in prices on the world commodity exchange, according to the Asian Development Outlook.
However, ADB expects the external demand to be restored in 2016.
Inflation is projected to reach 9.5 percent in 2015 (September forecasts – 10 percent) and 10 percent in 2016, according to ADB.
ADB analysts believe that the current account surplus will be 0.9 percent of GDP in 2015 (September forecasts – 2.8 percent) and 1.1 percent in 2016.
The government of Uzbekistan plans to ensure 8 percent GDP growth in 2015 and to maintain the inflation within 5.5 – 6.5 percent in 2015.
Uzbekistan became ADB member in 1995. Currently, it is the largest recipient of loans from this financial institution in Central Asia: ADB has allocated around $5 billion for the implementation of over 40 investment projects with the total estimated cost of over $14.5 billion.
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