The government of Uzbekistan expects the country’s annual GDP growth to stand at 7.8% in 2016, down from 8.1% reported in 2014, the Uzbek parliament, Oliy Majilis, said in a statement.
The government’s economic policy is currently trying to reform and modernise the economy, maintain balanced macroeconomic indicators, reduce the share of state participation in the economy, increase the role of the indigenous private property, provide protection for private businesses, achieve high rates of economic growth and further improve the welfare and living standards, the statement notes.
The Uzbek government doesn't publish absolute figures illustrating the methodology of how it compiles growth figures. This feeds doubts over the real state of the country's economy. Among international observers, the ADB forecasts economic growth at 7% in 2015 and 7.2% in 2016, according to estimates published in the 2015 Asian Development Outlook report. The IMF predicts the country’s GDP to grow by 6.8% in 2015 and 7% in 2016, according to IMF’s latest World Economic Outlook update.
The authorities also project industrial production to grow by 8.2%, agriculture production by 6.1% capital investments by 9.6%, according to the parliament’s statement.
Uzbekistan's GDP grew by 8% in the first nine months of 2015, a government meeting heard on October 19.
Related Articles
Unusually intense heatwave hit Central Asia in March, may impact crop yields
Central Asia experienced an unusually intense heatwave in March that could have an impact on agricultural crop yields, according to an April 4 ... more
Russia’s expulsions of migrants reportedly nearly double in 2024 to around 80,000
Russia in 2024 expelled more than 80,000 migrants for immigration rule violations, compared to 44,200 in 2023 and 26,600 in 2022, TASS reported on January 8. The Russian state news agency cited a ... more
Kazakhstan’s transit of Russian oil to Uzbekistan and China amounts to 10.2mn tonnes in 2024
Russia’s transit of oil through Kazakhstan’s pipeline system, operated by main pipeline operator KazTransOil, to China and Uzbekistan totalled 10.21mn tonnes in 2024, ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
10 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago