(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 18. Uzbekistan'seconomy is expected to slow down, the Asian Development Bank (ADB)says, Trend reports.
The bank's forecast suggests that this slowdown will be visible,particularly in the services and agriculture sectors. Rising pricesof goods and services are the main reason behind it, potentiallyputting a cap on domestic spending.
In 2024, the country's GDP growth is predicted to decrease to5.5 percent. However, there's a small improvement expected in 2025,with GDP growth rising slightly to 5.6 percent. This uptick ismainly because of growth in the industry sector, the ADBexplained.
Looking at different sectors, the service industry's growth isexpected to slow down to 5.5 percent in both 2024 and 2025. This isbecause there might be less demand for things like food servicesand accommodation.
Similarly, agriculture growth is projected to slow to 3.5percent in both years. The main reason for this is the expectedshortage of water for growing crops like cotton and wheat.
Construction is also expected to see slower growth, around 6percent in both 2024 and 2025. According to the ADB, this isbecause there might be less building of houses and infrastructureprojects happening.
However, the industry growth is expected to stay strong at 6percent in 2024 and increase to 6.3 percent in 2025, fueled bygrowing international interest in food and textiles and a risingdemand domestically for mining and quarrying.
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