• Sign in
  • 1744009905_435.svg 1744009905_642.svg

  • Latest news
  • Top headlines
  • Most read
  • Columnists
O'zbekcha
Ўзбекча
Русский
  • O'zb
  • Ўзб
  • Рус
  • Eng
  • O'zb
  • Ўзб
  • Рус
  • Eng
  • Latest news
  • Top headlines
  • Most read
  • Columnists
    • USD12768.26
    • RUB162.63
    • EUR14400.04
    • Google play
    • App Store
    • Telegram
    • Tashkent
      +31°C
      • Andijan
      • Karshi
      • Bukhara
      • Samarkand
      • Ferghana
      • Sirdarya
      • Jizzakh
      • Termez
      • Namangan
      • Tashkent
      • Navoiy
      • Tashkent reg
      • Nukus
      • Urgench
    • Daryo
      • About Daryo
      • Editorial office
      • Contact us
      • Terms of use
      • Privacy policy
      • News archive
    • Advertisement
    • Social networks
      • Instagram | Main
      • Instagram | Lifestyle
      • Instagram | Sport
      • Facebook | Main
      • OK | Main
      • YouTube | Daryo
      • YouTube | Daryo in Russian
      • YouTube | Daryo Global
    Telegram Youtube Facebook Instagram Twitter vkontakte
    Daryo logo white
    • Uzbekistan
      • Others
      • Navoi
      • Tashkent region
      • Syrdarya
      • Jizzakh
      • Kashkadarya
      • Surkhandarya
      • Khorezm
      • Bukhara
      • Samarkand
      • Namangan
      • Fergana
      • Andijan
      • Karakalpakstan
      • Tashkent City
      • DaryoKindness
      • Weather
    • Central Asia
      • Uzbekistan
      • Afghanistan
      • Kyrgyzstan
      • Kazakhstan
      • Turkmenistan
      • Tajikistan
    • World
    • Money
      • Business
      • Economics
      • Finance
      • Crypto
    • Culture
      • Movies
      • Books
      • Music
      • Celebrities
    • Lifestyle
      • Women only
        • Children
        • Beauty
        • Carrier
        • Advises
        • Fashion
        • Recipes
      • Technology
        • Architecture
        • Gadjets
        • Science
        • Space
        • Media
      • Auto
      • Entertainment
      • Travel
      • Health
      • Education
        • Entrant
        • Learn english
    • Sport
      • Football
      • UFC
      • Boxing
    infinix
    Daryo.uz - Login
    Daryo.uz Daryo.uz
    Daryo.uz - Login
    Finance

    Uzbekistan and Tajikistan to witness fastest economic growth in Eurasia, according to WB forecast

    Uzbekistan and Tajikistan to witness fastest economic growth in Eurasia, according to WB forecast

    Europe and Central Asia (ECA) countries experience the slowest economic growth among Emerging Market and Developing Economies (EMDE) according to the latest Global Economic Prospects report by the World Bank. The report, which provides a comprehensive analysis of the world's economies, suggests that the economic output of these countries fell to 1.2% in 2022. When excluding Russia and Ukraine, growth in the ECA countries still weakened to 4.8%, pointing to an overall sluggish trend.

    Broad-Based Economic Slowdown

    The decline in growth is not confined to a few nations but is spread across most countries in the ECA. This decline primarily stems from disruptions linked to Russia's invasion of Ukraine, a steep rise in inflation, severe monetary tightening, reduced consumer and business confidence, and energy supply disruptions.

    Eastern Europe faced a significant contraction with output falling by 20.2%. Central Europe and the Western Balkans, closely integrated into European Union (EU) value chains, also experienced dampened growth due to rising energy prices, supply issues, and monetary policy tightening.

    Inflation Concerns

    Inflation remains a critical issue in the ECA countries, with Türkiye having a particularly high rate. Despite nominal wage increases in some areas, real wages in Eastern Europe dropped as much as 3.3% in the first half of 2022. Although energy prices have come down from record highs in 2022, resulting in signs of inflation deceleration, core inflation remains high.

    The 2023 Outlook: Mild Recovery but Persistent Uncertainties

    The World Bank's forecast suggests a modest recovery in 2023, with the growth of the ECA countries projected at 1.4%. However, the ongoing geopolitical instability, primarily due to Russia's invasion of Ukraine, makes this outlook highly uncertain.

    Among the 23 economies in the ECA countries, Tajikistan and Uzbekistan are expected to lead in terms of GDP growth in 2023, with projections of 6.5% and 5.1% respectively. Armenia and Georgia follow closely with a projected 4.4% economic growth for the year. 

    And the biggest decline is to be observed in war-torn Ukraine, with GDP growth at 2%, following -29.1% last year.

    Risks on the Horizon

    While there's a mild recovery projected, the economic outlook of these countries is riddled with downside risks. These include a more intense or prolonged conflict in Ukraine, escalating inflation coupled with tighter monetary policies, financial sector stress, and a possible slowdown in the euro area that could further dampen external demand for Central Europe and the Western Balkans.

    Another concerning factor is the vulnerability of these countries to energy insecurity, particularly with their dependency on Russia. An escalation in Ukraine could exacerbate this risk, alongside intensifying geopolitical tensions in other parts of the countries and adverse climate-related events.

    07.06.2023, 11:54   Comments (0)   1714
    Facebook Twitter LinkedIn Telegram Email

    Comments (0)

    Sign in
    Leave A Reply Cancel

    On this topic

    Uzbek regulator fines 26 banks $333,000

    03.06.2023, 13:13

    Shavkat Mirziyoyev says that Uzbekistan has taken huge steps towards WTO accession and may achieve significant results in 2023  

    17.05.2023, 21:16

    May 1, 2023: Uzbekistan’s FX reserves shrink by $230 mn

    08.05.2023, 17:27

    Uzbekistan banks earn over UZS 30 trillion in three months 

    03.05.2023, 09:34

    Uzbekistan plans to ramp up gold production every year and double uranium output by 2030

    26.04.2023, 20:10

    American dollar continues to conquer new heights in Uzbekistan

    17.04.2023, 19:53
    ×Lightbox Image

    Daryo.uz | Solution to your problems


    More than 500,000 new users: residents of Uzbekistan choose the Hambi superapp


    Beepul 's rising popularity: 3.5x user growth, transaction up 2.3x in 2024


    Don't want to waste time standing in lines? Pay your utility bills through the Ipoteka Retail mobile app?


    Beeline Uzbekistan started 2025 with a significant network modernization

     

    Recommended

    "We wouldn’t have won without U.S. aid" – The hidden truths behind the USSR’s World War II victory

    12 May, 15:39

    Uzbekistan's banking deposits surge to $25.2bn in March

    8 May, 17:24

    Uzbekistan to host 59th ADB Annual Meeting in Samarkand for second time

    8 May, 11:26

    Uzbekistan sees rise in cross-border travel as outbound tourism jumps 20%

    7 May, 12:38
     
     
     

    Latest news

    Uzbekistan, Kazakhstan customs officials meet at Gisht Kuprik to streamline border operations

    Uzbekistan | 1 June, 16:03

    Uzbekistan launches youth campaign 'Land of Talents' with mass events in Tashkent

    Uzbekistan | 1 June, 13:31

    Uzbekistan finalizes WTO accession talks with UK

    Uzbekistan | 1 June, 11:00

    Kazakhstan weighs China’s $5.47bn nuclear offer over Russia’s costlier bid

    Kazakhstan | 31 May, 15:45

    “Uzbekistan could have gone to war with neighboring countries" – says Abdulaziz Kamilov

    Uzbekistan | 31 May, 12:06

    President of Uzbekistan proposes “Central Asia–Italy” business club to boost cooperation

    Uzbekistan | 31 May, 10:01

    Kyrgyzstan open to global cooperation in fintech and digital economy, says PM Kasymaliev

    Kyrgyzstan | 30 May, 17:39

    Tashkent ranks among Central Asia’s top 3 cities in Global Cities Index 2025

    Uzbekistan | 30 May, 15:07
    Daryo About Us

    Full reproduction or partial quoting of material, as well as the use of photographic, graphic, audio and/or video materials of Daryo (the Uzbek Press and Information Agency (UzAPI, now the Agency for Information and Mass Communications under the Presidential Administration of the Republic of Uzbekistan) is registered on 13.03.2015 with certificate number No. 0944 as a mass media) is allowed if there is a hyperlink to the website daryo.uz and/or are accompanied by a note indicating the authorship of the online publication Daryo. Individual publications may contain information that is not intended for users under the age of 18. Info@daryo.uz

    Telegram Youtube Facebook Instagram Twitter vkontakte

    © Simple Networking Solutions, 2013–2025

    Age restriction

    Did you find a bug? Press Ctrl + Enter

    • Terms of use
    • Privacy policy
    • Advertisement
    What are we going to search for?

    Sign In or Register

    Welcome Back!

    Login below or Register Now.

    Google

    or with email

    Leaving a comment, Пользовательского соглашения and Политики конфиденциальности

    Register Now

    Already registered? Login.

    Google

    or with email

    A password will be e-mailed to you.

    Leaving a comment, Пользовательского соглашения and Политики конфиденциальности

    Found an error in the text?

    ×

    Thank you. We have received your message and will fix the error as soon as possible.