TASHKENT — The European Bank for Reconstruction and Development (EBRD) has updated its economic projections for Uzbekistan, expecting steady growth despite regional challenges.

According to Trend News Agency, the EBRD’s latest report anticipates a 6.0 percent growth in Uzbekistan’s GDP for both 2024 and 2025. This represents a slight decrease from its previous forecast in May 2024, which predicted a 6.5 percent growth for 2024. The adjustment reflects concerns over regional economic conditions, including the impact of spring floods in Kazakhstan and a slowdown in trade with Russia. Analysts believe these factors will cause overall growth in Central Asia to decrease from 5.7 percent in 2023 to 5.4 percent in 2024, with a recovery to 5.9 percent expected in 2025.

The report highlights that Uzbekistan’s economic resilience is bolstered by increasing remittances and a growing number of tourist arrivals, strengthening both the services and industrial production sectors. Continuous market-oriented reforms and infrastructure investments are also expected to contribute to sustained economic expansion. However, the EBRD cautioned that an ongoing energy deficit, which has escalated mineral-fuel imports, could pose significant challenges and potentially restrict growth opportunities.

Furthermore, Uzbekistan continues to be the largest beneficiary of EBRD funding in Central Asia, receiving approximately 4.7 billion euros across 162 projects, predominantly aimed at fostering private entrepreneurship.