The International Monetary Fund (IMF) has revised its forecast for Uzbekistan’s GDP growth, according to the October 2022 World Economic Outlook report. GDP will grow by 5.2%.

For the current year, the forecast has been revised upwards compared to April data from 3.4% to 5.2%. For 2023, the IMF has presented a less optimistic scenario than previously. GDP will rise by 4.7% instead of 5%.

Inflation data in Uzbekistan has also been adjusted. For 2022, price growth is projected at 11.2% instead of 11.8%, and in 2023 the figure will be 10.8% (previously it was 11.3%). Uzbekistan will be able to achieve inflation of 5.1% only by 2027, according to IMF experts.

For other neighboring countries, the economic development scenario has also been revised. In Kazakhstan, GDP this year will grow by 2.5%, in Kyrgyzstan – by 3.8%, in Tajikistan – by 5.5%, and in Turkmenistan – by 1.2%.

However, global economic growth as a whole will slow down from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023. This is the weakest increase since 2001, if we do not take into account the global financial crisis and the acute phase of the pandemic.

Experts note that the course of monetary policy in countries should remain aimed at restoring price stability. In fiscal policy, the goal should be to ease cost-of-living pressures.