GEP 2008 notes that world growth slowed modestly in 2007 to 3.6 percent compared with 3.9 percent in 2006, a downturn due largely to weaker growth in high-income countries. In 2008 global growth is expected to be 3.3 percent.

The bank said Uzbekistan’s GDP at market prices will increase by 5% in 2008 and 2009.

Current account balance per GDP in Uzbekistan made up 14.3% in 2007 and decrease to 11.9% in 2008 and 8.7% in 2009, the GEP 2008 said. In Uzbekistan inflation is expected to average 17.0%.

As earlier reported, Uzbek President Islam Karimov said in his New Year message to population that the economy of Uzbekistan increased by 9.5% in 2007.

Industrial growth in the country made up 12.1% in the reporting period and growth in agriculture 6.1%, exports increased more than 1.4 times, gold reserves grew by more than 50% and real salaries, pensions, stipends and allowances by 40%. At the same time, inflation did not exceed 6.8% last year.