TASHKENT, Uzbekistan, October 3. The Asian Development Bank (ADB) has revised its growth forecast for Uzbekistan, projecting a 6 percent increase in gross domestic product (GDP) in 2024, Trend reports via ADB.
According to the information, it was driven by stronger-than-expected growth in the first half of the year, largely due to higher investments and a surge in industrial activity. The new forecast marks an improvement from the previous estimate of 5.5 percent in April.
Looking ahead, Uzbekistan’s GDP growth is expected to reach 6.2 percent in 2025, up from an earlier projection of 5.6 percent.
The report highlights significant growth in the industrial and construction sectors as key contributors to the country’s economic expansion. Despite higher energy prices, inflation decelerated in the first half of 2024, providing further momentum for economic growth.
Investment growth is expected to continue, supported by high global demand for gold and copper, domestic needs for industrial goods and housing, and increasing foreign direct investment. Structural reforms aimed at market liberalization and price regulation will further support this upward trajectory.
In a broader context, ADB raised its overall growth forecast for the Caucasus and Central Asia region to 4.7 percent for 2024, up from the 4.3 percent predicted earlier, with remittance-driven domestic demand playing a central role in the improvement.
Uzbekistan, which joined ADB in 1995, has received over $12.5 billion in loans, grants, and technical assistance from the bank as part of its commitment to fostering inclusive and sustainable growth across Asia and the Pacific.