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WB keeps Uzbek GDP growth forecast for 2016

WB keeps Uzbek GDP growth forecast for 2016

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Date: 7 January 2016 17:47

Tashkent, Uzbekistan, Jan. 7

By Demir Azizov– Trend:

The World Bank (WB) has retained its GDP growth forecast in Uzbekistan for 2016 at 7.5 percent, according to a released "Global Economic Prospects" report of the bank.

In October 2015, the bank lowered the forecast of economic growth in Uzbekistan for 2015 from 7.6 percent to seven percent, in 2016 - from 7.8 percent to 7.5 percent, in 2017 - up to 7.7 percent versus the previously forecasted eight percent.
The current report of the bank, as well as the June report, stated the economic growth of Uzbekistan in 2015 at the level of seven percent.

The bank said that the economy of Uzbekistan is influenced by weak economic indicators of major trading partners of Uzbekistan, primarily Russia, as well as declining prices for major export goods of the country.

Significant reduction in remittances from abroad also has an impact on the economic situation in the republic. In particular, remittances from Russia to Uzbekistan at the end of 2015 alone may be reduced by 59 percent in comparison with the year 2014, according to preliminary data.

WB also expects reduction of the inflow of direct foreign investments into the country.

At the same time, the World Bank said that Uzbekistan in 2015 sustained significant extension of fiscal reserves.

In 2015, the GDP growth will amount to eight percent, and in 2016 the growth is projected at 7.8 percent, according to the government’s estimates.

Uzbekistan joined the WB in 1992. Since 1995, the WB provided Uzbekistan with credits and loans totaling $2.6 billion for 28 projects in privatization, financial sector development, and modernization of agriculture, power industry, improvement of social infrastructure, healthcare and education.

Today, the total amount of the WB’s current liabilities to Uzbekistan exceeds $6 billion.

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