Tra­jec­tory of Growth

Uzbekistan Today (English) - - WORLD -

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.

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