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WB lowers forecast for Uzbekistan’s GDP growth in 2016

6 May 2016

The World Bank (WB) has lowered the forecast for Uzbekistan's GDP growth from 7.5 percent to 7.3 percent in 2016, WB's website said.

The lower prices for basic export commodities are the main reason for the slower economic growth of Uzbekistan, according to WB.

"Uzbekistan's GDP growth is expected to be 7.3 percent in 2016 due to the further weakening of external factors related to the decrease in commodity prices and demand of the main trading partners - China, Russia and Kazakhstan - for them," said the WB.

The total volume of export from Uzbekistan has dropped by 5.3 percent as of 2015, according to the World Bank.

The volume of export from the country will decrease by 2.8 percent in 2016, as the growth in the volume of gold and service export won't be able to offset the decline in the export of cars, metals and fertilizer due to the lower demand for them in Russia and other trading partners of Uzbekistan, according to the WB forecasts.

Uzbekistan has reduced the volume of import by 13.4 percent in 2015, while this volume will drop by 6 percent in 2016, said the World Bank.

Other factors affecting the decline in Uzbekistan's economic growth in 2016, is a 40 percent decrease in the volume of money transfers in 2015 due to the return of migrants from Russia, according to the WB.

Moreover, the inflow of direct foreign investments remains low due to the high risks and slow improvement of Uzbekistan's business environment.

Uzbekistan's GDP grew by 8 percent in 2015, as compared to 2014, according to the official statistics.