Tashkent, Uzbekistan (UzDaily.com) -- Asian Development Bank (ADB) predicts that the economic growth of Uzbekistan will be 5.5% in 2024, according to a new report from the ADB entitled “Economic Outlook for the Asia-Pacific Region: April 2024.”

The bank expects Uzbekistan’s economic growth to slow in 2024 and pick up slightly in 2025 due to higher regulated prices, which will limit growth in real household incomes and reduce demand.

Growth is especially expected to slow down in the service and agricultural sectors due to regulated price increases, which will limit the growth of real domestic demand.

In 2025, ADB experts predict that Uzbekistan’s GDP growth will be 5.6% amid growth in industry.

ADB analysts note that economic growth accelerated last year due to growth in industry and agriculture. Inflation has slowed due to tight monetary policy and tax breaks on staple foods.

Inflation will remain high due to structural reforms in the energy sector, which will lead to higher regulated prices despite continued tightening of monetary policy.

According to ADB forecasts, inflation in Uzbekistan in 2024 will be 10%, the same as in 2023. In 2025, inflation will drop to 9.5%, bank experts note.