Baku, Azerbaijan, June 15
By Nargiz Sadikhova - Trend:
S&P Global Ratings agency affirms credit ratings 'BB-' long-term and 'B' short-term issuer credit ratings with a stable outlook, Trend states referring to report of S&P Global Ratings.
“Uzbekistan's fiscal and external positions will remain strong but decline slightly, due to current account deficits and government borrowing,” the report said.
“We expect both positions to weaken through to 2022, but remain relatively strong in a global context,” reads the message.
Furthermore, agency expects real GDP growth to average just over five percent, supported by growth in the services, manufacturing, and natural resources sectors.
The agency expects the current account to remain in deficit, averaging about six percent of GDP over the forecast period. The current account opened up more than anticipated in 2018, with a deficit of about seven percent of GDP.
“In 2018, credit to the economy expanded by about 50 percent, well above nominal GDP growth. Although we expect elevated credit growth due to the pent-up investment needs of the economy,” the statement said.
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