TASHKENT (TCA) — The gross domestic product (GDP) of Uzbekistan is expected to grow by 7.5 percent in 2016, according to the World Bank’s Global Economic Prospects published on January 6, the Jahon information agency reported.
The bank’s experts forecast that the economy of Uzbekistan will grow by 7.7 percent in 2017 and 2018.
In June 2015, the World Bank forecasted that the GDP of Uzbekistan will grow by 7.8 percent in 2016 and eight percent in 2017.
According to World Bank experts, economic problems in Russia negatively impact Uzbekistan. The report noted that Uzbekistan was able to keep stable export figures, but low commodity prices and reduction of remittances affect the country’s economic growth.
In his New Year address to the nation Uzbek President Islam Karimov said that in 2016 the economy of Uzbekistan will receive an equivalent of US $17.3 billion of capital investment, 23.5 percent of which will be foreign investments.
Karimov said that in 2016, Uzbekistan expects an economic growth of 7.8 percent and real per capita income of the population will grow by 9.5 percent.
State budget spending for the social sector, including education, science, healthcare, culture, sports, and social welfare, will increase compared to 2015 and will make up 59.1 percent of the total budget expenses.
This year the country will complete and commission 164 large industrial facilities worth a total of $5.5 billion.
