Ratings agency Standard & Poor's (S&P) has confirmed Uzbekistan's long-term credit rating in foreign currency at ‘BB-’ with a stable outlook, according to a statement from the economy and finance ministry.
S&P forecast that from 2023 to 2026, the real growth rate of Uzbekistan's economy would be 5.4% per year. In 2023, it added, GDP per capita looked set to reach $2,400 on a growth rate of 5.7%.
Since the beginning of this year, S&P has lowered the credit rating or outlook on nine countries. Uzbekistan's maintaining of its ratings has been facilitated by significant external reserves that serve as a buffer against negative shocks in the global economy.
Positive factors supporting the economy of Uzbekistan were the country's net investment position (the difference between assets and liabilities) and moderation of external debt, S&P said.
The main drivers of the nation’s economic growth were seen as foreign trade and consumer demand, as well as efforts to develop the private sector and improve the business environment, which in turn reduces the impact of negative external shocks.
Standard & Poor's reviews the forecasting twice a year.
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