The Russian "Gazprombank" expects Uzbekistan's economy to grow by 6.5% next year, according to the Azerbaijani news agency Trend, citing Gulnara Khaidarshina, the deputy head of the bank's market analysis department, Spot.uz reports.
The credit organization predicts a growth rate of 5.8% for the Uzbek economy this year and 6.5% in 2024. The high pace of economic growth will be achieved through the approved Development Strategy until 2026. "The Development Strategy until 2026 has been approved, and among its objectives are a 40% growth in industrial production and an increase in exports to $30 bn (exports amounted to $19.3 bn in 2022)," she noted. The increase in exports is planned to be achieved through high value-added products and an expansion of export geography from 115 to 150 countries.
According to Khaidarshina, products with high added value account for nearly 60% of exports: 23% for industrial goods, 20% for services, and the remaining portion for products of the chemical industry, finished goods, machinery, and equipment.
According to Gazprombank's data, Uzbekistan's economy grew by 7.4% in 2021 and 5.7% in 2022.
Overall, the Russian bank's forecast aligns with the assessments of other organizations such as the World Bank, IMF, EBRD, ADB, Standard & Poor's, and the Central Bank.
Earlier, Spot reported that the head of the IMF identified three drivers of Uzbekistan's economic growth.
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