Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s economy is projected to grow by 6% by the end of 2024, according to the latest report by the European Bank for Reconstruction and Development (EBRD) on regional economic prospects.

This figure is a slight adjustment from the bank’s earlier forecast in May, which estimated Uzbekistan’s GDP growth at 6.5%.

The EBRD has maintained its forecast for GDP growth in Uzbekistan for 2025, which is also expected to be 6%.

EBRD experts highlight that the primary drivers of economic growth in Uzbekistan for both 2024 and 2025 will be ongoing market reforms and significant investments in infrastructure.

However, the bank warns that one of the risks remains a shortage of energy resources, which could negatively impact the economy.

The EBRD notes that in the first half of the current year, the country’s economy grew by 6.4%, driven by an increase in remittances and a rise in tourist inflow.

Amid a decrease in gas production, Uzbekistan has ramped up its imports of natural gas, resulting in a trade balance deficit of US$7.3 billion.