Trajectory of Growth
Economic revival in Uzbekistan is forecast by experts in a new report of the UN Department of Economic and Social Affairs.
It says that the economies of Central Asia will grow faster than in other CIS countries, due to increased inflow of remittances, the implementation of the One Belt - One Road initiative, and in some cases, development financing from the budget. But in general, in most CIS countries, a relatively moderate growth is forecast, which will continue to be well below pre-crisis levels.
Economists report the activation of economic activity in the CIS space: there is a resumption of growth in the Russian Federation and the revival of the economy in Kazakhstan, Armenia, Kyrgyzstan and Uzbekistan. Improving the terms of trade, more favorable external conditions and less instability in macroeconomics contributed to improving the economic climate in the region. The growth in regional GDP, slowed to almost stagnate in 2016, in 2017, is projected to be 2.2%. It is expected that in 2018 and 2019, the growth rate will accelerate to about 2.3% and 2.4%, respectively, the report says.
In 2017, the global economy has grown by 3%. This is a record figure for
the period after 2011. In the next two years, the world economy will grow at the same pace, experts concluded. In the report, they pointed to the main factors that influenced the strengthening of global GDP. This is a steady growth in several developed countries, as well as a way out of the recession in Argentina, Brazil, Nigeria and Russia. The rise is also supported by the revival of world trade and the improvement of investment conditions.
The world economic growth creates opportunities for addressing longterm problems such as climate change, elimination of social inequality, and removal of institutional obstacles to development.