AKIPRESS.COM - Uzbekistan achieved very strong growth of 7.4 per cent in 2021 and continues to perform exceptionally well, the European Bank for Reconstruction and Development (EBRD) reports in its latest Regional Economic Prospects today.

Growth is supported by a surge in remittances from Russia, which were up by 96 per cent in the first half of 2022 compared with the same period in 2021.

On the negative side, CPI inflation reached 12.3 per cent in July 2022 on the back of rising food and commodity prices.

Overall, Uzbekistan continues to enjoy very strong economic growth driven by a large and industrious labour force, a sizeable domestic market, diversified manufacturing capacity and progress with market-oriented reforms.

The Bank forecasts the economy to grow at 5.5 per cent in 2022, and 6.5 per cent in 2023.