Uzbekistan’s growth rate is forecast to weaken to 5.5% in 2024 from last year’s 6% and 2022’s 5.7%, according to the newly released April 2024 Asian Development Outlook report compiled by the Asian Development Bank (ADB).
The deceleration in growth will be especially noticeable in services and agriculture, as administered price increases limit a rise in real domestic demand, the report said.
In 2025, growth will rise slightly to 5.6% from a pickup in industry, it added.
“On the supply side, growth in services is anticipated to decelerate to 5.5% in both years [2024 and 2025] with cooling demand for food and accommodation, storage, and transportation services. Expansion in agriculture is projected slowing to 3.5% in both years because of expected shortages of water for irrigating cotton and wheat,” the report also observed.
It added: “Growth in construction is forecast to decelerate to 6.0% in both years, reflecting slower expansion in housing, local infrastructure, and upgrades to manufacturing plants. Rising external demand for food and textiles and domestic demand for mining and quarrying are projected to sustain industry growth at 6.0% in 2024 and raise it to 6.3% in 2025.”
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