Washington (TDI): Uzbekistan has been identified as one of the top three fastest-growing economies in the Europe and Central Asia region for 2024, according to the World Bank’s latest Economic Update.
The report highlights that while economic growth in the developing economies of Europe and Central Asia is stabilizing following a series of crises, it remains significantly below the levels seen in the early 2000s.
Regional growth is projected to moderate to 3.3% this year, down from 3.5% in 2023, and is expected to slow further to 2.6% in 2025.
This marks a stark contrast to the 5.1% average growth recorded between 2000 and 2009.
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The report indicates that countries in the region have successfully navigated recent challenges, including high inflation, the repercussions of Russia’s invasion of Ukraine, and sluggish growth in the European Union, which serves as a key export market.
Economic expansion in the developing economies of Europe and Central Asia is primarily driven by private consumption, fueled by rising wages, government transfers to households, and a decline in inflation.
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Additionally, remittance inflows have surpassed pre-pandemic levels, providing continued support for economic growth in the Western Balkans, the South Caucasus, and Central Asia.
For 2024, the report forecasts the highest GDP growth rates in the region will be seen in Georgia at 7.5%, followed by Tajikistan at 7.2%, Uzbekistan at 6%, the Kyrgyz Republic at 5.8%, and Armenia at 5.5%.
