Uzbekistan’s economy forecast to grow 5.6 pct in 2021

TASHKENT, June 29– Uzbekistan’s economy is set to grow 5.6 percent in 2021 and 6 percent in 2022, said the European Bank for Reconstruction and Development on Tuesday. In Central Asia, the outlook overall has been revised up, although the recovery is far from uniform, according to the report. “Although the revised forecasts give reason to be optimistic, huge…

TASHKENT, June 29 (Xinhua) — Uzbekistan’s economy is set to grow 5.6 percent in 2021 and 6 percent in 2022, said the European Bank for Reconstruction and Development on Tuesday.

The key sectors of the Uzbek economy, such as services, general industry, construction and agriculture, have all recorded growth this year, according to bank’s Regional Economic Prospects report.

It noted that important market reforms continued despite the pandemic, including privatisation of state-owned enterprises and banks. Private consumption and investment is also expected to rebound.

In Central Asia, the outlook overall has been revised up, although the recovery is far from uniform, according to the report.

The region’s economy is expected to grow 4.5 percent in both 2021 and 2022, considering higher commodity prices that benefit commodity exporters and recovering remittances, said the report.

“Although the revised forecasts give reason to be optimistic, huge uncertainty remains with regard to the path of the COVID-19 Delta variant, which poses particularly significant risk for countries that have made less progress on vaccination and for economies highly reliant on international tourism,” warned the bank. Enditem