Uzbekistan, Tashkent, April 14 / Trend D. Azizov /
The Asian Development Bank has changed the forecast of GDP growth of Uzbekistan in 2010 by 8.5 percent, in 2011 - up to nine percent, the report "Asian Development Outlook 2010" published by the Bank's website on Tuesday.
In September 2009, ADB has forecasted the economic growth in Uzbekistan in 2010 at 6.5 percent. The main factors of the bank's growth will be restoration of the economy's main trading partners of Uzbekistan, active industrial policy and increase in exports and investment inflows, analysts of the bank said. World prices for major exports of the country will be favorable.
In particular, the acceleration of GDP growth is possible due to restoration of the economy of Kazakhstan and Russia and the expected increase in cotton prices and natural gas.
The problem for Uzbekistan is to hold inflation amid increasing exports and foreign investments. ADB advises to support development of private sector, to diversify industry and trade liberalization, the report said.
According to ADB, inflation in Uzbekistan in 2010 and 2011 could reach 9.3 percent and 9 percent, respectively, current account balance - 13 percent of GDP in 2010, 14 percent - in 2011.
ADB said that economic growth in Uzbekistan was the biggest in Central Asia. The government reacted to world crisis by anti-crisis program for 2009-2012. Timely implementation of anti-crisis program and the continuous upgrading of industries will help to create a sustainable and competitive economy.
According to official statistics, Uzbekistan's GDP in 2009 increased by 8.1 percent compared to 2008, inflation amounted to 7.4 percent, industrial production increased by nine percent, and agricultural products - by 5,7 percent, the total investment in economy - by 24.8 percent.
In 2010, Uzbekistan plans to ensure GDP growth at 8.3 percent compared to 2009, industrial output - by 8.3 percent, agricultural production - five percent. Inflation will be kept at the level of 7-10 percent.
Uzbekistan joined ADB in 1995. During this time the Bank has provided loans to the government of the Republic worth $1,29 billion to implement 30 projects in education, agriculture, modernization of transport infrastructure and energy sector and 40.75 million of technical assistance grants.