The government of Uzbekistan has announced its economic growth forecast for 2024. According to official data, the gross domestic product (GDP) is expected to grow by 5.6 percent. This figure is slightly higher than last year's growth of 5.5 percent.

Ministry of Economy experts cite the expansion of industrial production, agricultural reforms, and the development of the services sector as the main drivers of growth. The acceleration of investment projects is also expected to have a positive impact.

However, economists also point to a number of challenges. The inflation rate remains around 9-10 percent, negatively affecting the purchasing power of the population. Rising external debt and budget deficits are also noted as serious issues.

Representatives of the International Monetary Fund (IMF) positively assessed the structural changes in Uzbekistan's economy but stressed the need to address corruption and monopoly problems in the public sector.

According to experts, to maintain economic growth rates in 2024, the government needs to take additional measures to diversify exports and attract foreign investment. Modernization of the energy sector and efficient use of water resources are identified as particularly important tasks.

Source: uznews.uz