TASHKENT, Uzbekistan, October 10. The unemployment rate in Uzbekistan is expected to be 8.4 percent in 2023, with a 0.5 decrease compared to 8.9 percent recorded in 2022, Trend reports.
As per the latest World Economic Outlook from the International Monetary Fund (IMF), the current estimated volume aligns with the bank’s previous forecast made in April 2023.
At the same time, the IMF expects Uzbekistan's unemployment rate to slow down by some 0.5 percent and reach 7.9 percent in 2024.
The fund’s experts note that the highest unemployment rate will be recorded in the Kyrgyz Republic (9 percent), while Kazakhstan will exhibit the lowest unemployment rate at 4.8 percent among the Central Asian countries in 2023.
Meanwhile, the IMF expects Uzbekistan’s real gross domestic product (GDP) growth to stand at 5.5 percent in 2023, down by 0.2 percent compared to 5.7 percent in previous projections.
Earlier this year, ABD (Asian Development Bank) allocated $93 million for the Skills Development for the Modern Economy project in Uzbekistan.
The project is aimed at increasing the competitiveness of Uzbekistan's industries, promoting inclusive growth through vocational training of young people and the unemployed, as well as contributing to the development of human resources as a skilled workforce in such sectors as construction, textile and clothing industry, information and communication technologies, agribusiness and food industry, machinery, and equipment service.
