Uzbekistan's GDP expected to fall, before picking back up - CEBR says

By Trend

Uzbekistan's GDP growth will decelerate to an average of 4.9 percent from 2023 to 2027, before picking up to an average of 5 percent between 2028 and 2037, Trend reports citing the World Economic League Table 2022 (WELT) of the Centre for Economics and Business Research (Cebr).

"This growth trajectory will see Uzbekistan climb from 72-nd place in the World Economic League Table in 2022 to 69th by 2037," Cebr said.

Furthermore, the nominal volume of GDP will increase from $88 billion in 2023 (in 2022 – $78 billion) to $156 billion in 2032 and to $219 billion in 2037.

Meanwhile, the report said Uzbekistan’s unemployment rate increased by an expected 0.5 percentage points to 10.0 percent this year.

"Government debt is relatively low and estimated to have stood at around 34.1 percent of GDP in 2022, compared to 35.8 percent in 2021," said the centre.

Cebr noted that country’s inflation averaged an expected 11.2 percent across 2022.

According to the report, Uzbekistan is a lower middle-income country, with a GDP per capita of $9,478 in 2022.