Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan’s economy is expected to grow at 5.3% in 2024, according to the latest Global Economic Prospects report from the World Bank.

In comparison with the January World Bank report, the forecast for economic growth in Uzbekistan decreased by 0.2 percentage points.

The bank’s forecasts show the country’s GDP will grow by 5.5% in 2025, also in line with January forecasts. For 2026, economic growth is expected to accelerate to 5.7%.

The report notes that the Europe and Central Asia (ECA) region is seeing growth pick up to 3.2% in 2023, reflecting the transition from recession to economic recovery in Russia, Ukraine and other Central Asian countries.

However, growth is expected to decline to 3% in 2024, to 2.9% in 2025, and to 2.8% in 2026. World Bank experts note that the main drivers of growth will be private consumption, investment supported by loose monetary policy and lower inflation, as well as a recovery in exports.

Geopolitical tensions related to the situation in Ukraine and the possible intensification of the consequences of this conflict remain an important risk factor.