• 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
    • USD12939.93
    • RUB162.03
    • EUR14725.64
    • Google play
    • App Store
    • Telegram
    • Tashkent
      +15°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
    Uzbekistan Economics

    World Bank forecasts Uzbekistan’s GDP growth at 5.3% for 2024 amid fiscal consolidation

    World Bank forecasts Uzbekistan’s GDP growth at 5.3% for 2024 amid fiscal consolidation

    In 2023, Uzbekistan recorded a 6% growth in GDP, supported by a comprehensive expansion and targeted fiscal stimulus. In response to an increase in the fiscal deficit during the year, the government plans to consolidate fiscal spending in 2024, the World Bank reports. The GDP growth forecast for 2024 is 5.3%, influenced by fiscal consolidation and moderated export growth to key trading partners. Inflation is projected to rise due to increased domestic energy prices, with an expected stabilization of around 8% in the medium term. 

    Photo: Real GDP per capita
    Sources: World Bank
    The year witnessed an increase in real wages which contributed to a reduction in the poverty rate from 5.0% in 2022 to 4.5% in 2023, measured at the lower-middle-income poverty line of $3.65/day (2017 PPP). The disparity in wage growth between skilled and less skilled workers led to a widening income inequality.

    Uzbekistan continued to implement significant economic reforms aimed at improving the business environment and encouraging private-sector investment. Key initiatives in 2023 included the establishment of an independent energy regulator, restructuring of state-owned enterprises, privatization of significant assets, and enhancement of social protection and environmental policies.

    The integration of a growing youthful population into the workforce remains a strategic challenge. The government's reform agenda focuses on reducing state dominance in the economy, enhancing property rights, liberalizing strategic sectors, and lowering trade barriers to bolster employment and productivity.

    Photo: Real GDP growth 
    Sources: World Bank

    The drivers of the 6% GDP growth in 2023 included increased investment, consumer spending, and exports, with a notable acceleration in real credit growth. Consumer price inflation declined to 8.8% y/y in December 2023, reaching its lowest level in seven years due to strict monetary policies and reduced global food and energy prices.

    The fiscal deficit increased to 5.8% of GDP in 2023 from 4.1% in 2022, driven by higher emergency and social spending. Foreign reserves stood strong at $34.6 bn, sufficient to cover over eight months of imports. The depreciation of the Uzbek sum and decreased gas exports necessitated gas imports from Russia for the first time.

    Ongoing structural reforms, particularly in the privatization of state-owned enterprises and investment in the energy sector, are crucial for maintaining economic stability and growth.

     

    Follow Daryo's official Instagram and Twitter pages to keep current on world news.

    13.04.2024, 23:34   Comments (0)   2142
    Facebook Twitter LinkedIn Telegram Email

    Comments (0)

    Sign in
    Leave A Reply Cancel

    On this topic

    Russia’s Central Bank considers ban on transfers to countries restricting Mir cards 

    13.04.2024, 18:30

    Uzbekistan Embassy in Israel issues safety advisory amid regional tensions  

    13.04.2024, 15:38

    EVs claim 10% of Uzbekistan’s total car market in 1Q24 

    13.04.2024, 13:04

    Uzbekneftegaz's imports skyrocket to $189.4 mn in 1Q24

    13.04.2024, 11:59
    ×Lightbox Image

    Daryo.uz | Solution to your problems


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


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


    Beeline Uzbekistan started 2025 with a significant network modernization


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

     

    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, Switzerland sign MoU to strengthen regional water cooperation under Blue Peace initiative

    Uzbekistan | 27 May, 15:09

    UNDP’s Haoliang Xu reaffirms support for inclusive and sustainable development during visit to Uzbekistan

    Uzbekistan | 27 May, 14:00

    Kyrgyzstan announces creation of 800,000-hectare ecological corridor to protect biodiversity

    Kyrgyzstan | 27 May, 12:39

    EU, UN Women, and Uzbekistan partner to advance gender-responsive budgeting for inclusive development

    Uzbekistan | 27 May, 11:35

    South Korea to grant $40mn for modernizing Uzbekistan’s transport system

    Uzbekistan | 27 May, 10:30

    Uzbekistan and Egypt’s Bell Energy sign investment agreements worth $660mn

    Uzbekistan | 27 May, 09:00

    Uzbekistan, Tajikistan expand agricultural partnership with focus on innovation and joint research

    Uzbekistan | 26 May, 17:15

    Kazakhstan uses drones to tackle rising locust threat

    Kazakhstan | 26 May, 15:25

    Uzbekistan and China sign over 20 cooperation agreements in Tashkent

    Uzbekistan | 26 May, 14:20
    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.