Uzbekistan among 3 fastest growing economies in 2024

The World Bank now forecasts that Uzbekistan's GDP will grow 6% in 2024, 5.8% in 2025 and 5.9% in 2026, according to the bank's latest Global Economic Prospects review.

The bank's previous forecast in June predicted more modest growth of 5.3% in 2024 and 5.5% in 2025. In January, the bank estimated GDP would grow 5.5% annually in 2024-2025.

Uzbekistan is among the three fastest growing economies in Europe and Central Asia in 2024, the bank said.

The Asian Development Bank predicted that Uzbekistan's GDP would grow 6% in 2024 in an updated forecast published in October. It had previously predicted that it would grow 5.5%.

In September the European Bank for Reconstruction and Development lowered its forecast for the country's economic growth to 6% from the 6.5% it predicted in May. It has maintained its forecast of 6% for 2025.

The Central Bank of Uzbekistan has increased its forecast for real GDP growth in 2024 from 5.2%-5.7% to 5.7%-6.2% given the high level of investment and manufacturing activity expected in the second half of the year. The economy grew 6% in 2023.