The war in Ukraine has been slowing the economic growth of Uzbekistan and other Commonwealth of Independent States (CIS), "Kommersant" reports.
Economists predict that Ukraine, Russia and Belarus will enter a recession at the end of the year.
Uzbekistan, Kazakhstan, Azerbaijan and Georgia may maintain significant positive growth rates, but business activity is expected to slow down.
According to the Focus Economics forecast, the gross domestic product of the CIS will decrease by 8.3% this year.
The largest decline will occur in Ukraine, the Russian economy will also experience a crisis, and other states may see a decrease in remittances, a weakening of external demand, and an increase in inflation.
Ukraine's economy will shrink by 36.3% this year — the decline is due to reduced exports, the destruction of infrastructure and the displacement of the population.
According to economists, the recession will be primarily due to a sharp decline in consumer demand.
Kazakhstan's growth forecast for 2022 has increased from 2.7 percent to 3.1 percent. This was caused by high oil prices and growth in the service sector.
The highest GDP growth is forecasted in Georgia (4.1%), Azerbaijan (4%) and Uzbekistan (4%).
But in all three countries, its pace will be much lower than last year. Inflation will be 11.6 percent in Azerbaijan and Georgia at the end of the year, and 11.4 percent in Uzbekistan.
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