The European Bank for Reconstruction and Development (EBRD) has downgraded its forecast for Uzbekistan’s economic growth in 2022.
According to the bank’s experts, the growth of the economy of Uzbekistan in 2022 will be 4%. Earlier, the bank predicted that Uzbekistan’s GDP would grow by 6% this year.
The EBRD notes that the conflict in Ukraine and sanctions against Russia will negatively affect the economy of Uzbekistan and the countries of Central Asia.
The economies of the Central Asian republics will suffer from the devaluation of the ruble and foreign exchange restrictions in Russia. Reduction of remittances of migrants from the Russian Federation to the countries of Central Asia is expected.
Geopolitical risks and inflationary pressures will also negatively affect the economies of the region.
