In 2023, the Uzbek economy is projected to grow at an estimated 4.5-5%. According to the baseline scenario, the expected 2023 inflation rate will be 8.5-9.5%. This is stated in a press release of the Central Bank following the BOD meeting.
The regulator underscored that in accordance with the updated forecasts of macroeconomic development, there is a high probability of some slowdown in GDP in Q1 of the year.
According to the Central Bank, monetary policies this year, on the one hand, may be limited by the upward trend in core inflation and structural changes in the economy, and, on the other hand, by the risks of external economic conditions and supply factors.
“The Central bank will continue to closely assess the impact of monetary conditions on demand, prices and inflation expectations. The measures taken will be aimed at ensuring a balance of supply and demand, the formation of inflation in the range of the forecast corridor and the achievement of a medium-term target of 5%,” the regulator said.
If necessary, the Central Bank, together with the relevant ministries, will additionally develop and take measures to reduce non-monetary factors of inflation, eliminate disruptions in supply chains and ensure the necessary supply volumes.