Page 7 - Uzbek Outlook 2022

Reserves battle with inflation could potentially have negative ramifications for emerging economies
worldwide should it not go well.

If the pandemic is successfully beaten back, long-term restrictions on the migration of human resources
and cross-border movement will not be introduced.

Key economic figures and forecasts

2016 2017 2018 2019 2020 2021 2022
(forecast) (forecast)

Real GDP (% yoy) 7.8 5.3 5.1 5.7 1.7 7 6

Inflation (% yoy) 5.7 14.4 14.3 15.2 11.1 10 9

Unemployment rate (avg, %) 5.2 5.8 9.3 9 10.5

Foreign trade balance (USD bn) 20.1 22.4 28.2 41.8 32.1

Foreign direct investment (USD bn) 1.7 1.8 0.69 6.51 6.6 7.6

Public debt (% of GDP) 9.5 19.5 29.2 30.8 40.4 41.5 44.9

Source: Official statistics/World Bank

3.1 GDP growth

Before the pandemic hit, Uzbekistan’s GDP was rising at a rate of more than 6% a year. But in 2020

growth fell to a mere 1.7%. The bounceback in 2021 brought 6.9% in the first nine months, according to

the Central Bank of Uzbekistan (CBU).

7 Uzbekistan Outlook 2022 www.intellinews.com