TASHKENT (Xinhua) – The International Monetary Fund (IMF) forecasts that Uzbekistan’s gross domestic product (GDP) could grow 7.4% this year, 0.4% higher than its April projection.

The IMF said in the October edition of its World Economic Outlook that the inflation rate in Uzbekistan for 2012 could stand at 12.9%.

According to the report, the global economy would grow 3.3% in 2012 instead of the previously estimated 3.5%, as the IMF believes the world economy has weakened further despite its continued recovery.

Earlier this month, the Asian Development Bank (ADB) maintained its forecast of Uzbek economic growth at 8% for the current fiscal year ending next June.

Uzbekistan has averaged 8% in GDP growth since the mid-2000s.

Graph of Uzbekistan GDP evolution compared to World

GDP, constant prices (% change). Annual percentages of constant price GDP are year-on-year changes; the base year is country-specific.
(Data from IMF, October 2012 WEO)