Uzbekistan’s economy is projected to grow at an estimated 4.5-5% in 2023; this year's expected inflation rate will be 8.5-9.5%, the Central Bank (CB) reports.
The regulator underscored that following the updated forecasts of macroeconomic development, there is a high feasibility of some slowdown in GDP in Q1 of the year.
According to the regulator, monetary policies in the current year, on the one hand, may be limited by the upward trend in core inflation and structural changes in the economy and, on the other hand, by the risks of external economic conditions and supply factors.
‘The Central bank will continue to closely assess the impact of monetary conditions on demand, prices, and inflation expectations. The measures taken will ensure a balance of supply and demand, the formation of inflation in the range of the forecast corridor, and the achievement of a medium-term target of 5%,’ the message reads.
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