According to the forecast of the International Monetary Fund, among the Central Asian countries, Uzbekistan will have the highest real GDP growth rate in 2026
According to operational data, Kazakhstan’s gross domestic product (GDP) reached 70.1 trillion tenge from January to December 2020, a decrease of 2.6% from the same period last year. In 2019, GDP was 69.5 trillion tenge, with an average annual growth rate of 4.5%.Write about it Rank.
According to the International Monetary Fund (IMF) “World Economic Development Prospects” report, the real GDP of the world economy has dropped by 3.3%, but according to forecasts, it has grown by 6% this year and will reach 4.4% in 2022…
Among the Central Asian (CA) countries, Uzbekistan’s projected real GDP growth rate is 2026 (5.5%), followed by Kazakhstan (4.4%), Kyrgyzstan, Tajikistan (4% each) and Turkmenistan (3.7%). %).
At the same time, it is expected that among the CA countries this year, Kazakhstan has the lowest real GDP growth rate (3.2%), while Kyrgyzstan (6%) is expected to have the highest growth rate, followed by Uzbekistan (5%), Tajikistan (5%) and Turkmenistan. (4.6%).
By 2022, the GDP of Uzbekistan (up to 5.3%) and Kazakhstan (up to 4%) are expected to gradually increase. According to the forecast of the International Monetary Fund, in other Central Asian countries, economic growth will slow down.
In 2020, Uzbekistan’s real GDP growth reached 1.6% (recall that Kazakhstan’s indicator is at a loss).
In the sectoral structure of Kazakhstan’s GDP, service provision is dominant: 55.8% from January to December 2020. Compared with 2019, their actual transaction volume dropped by 5.6%. Industry’s share of GDP is 27% (minus 0.4%), construction is 6.1% (positive growth 11.2%), and agriculture, forestry and fisheries is 5.3% (positive growth 5.6%).
In Uzbekistan, the share of the services sector in the GDP sector structure from January to December 2020 was slightly more than one-third, and in real terms, the growth of the service sector was 0.1% compared to the same period in 2019. The share of industry in the GDP was 26.3% (an increase of 0.7%), agriculture, forestry and fishery was 26.1% (an increase of 3%), and the construction industry was 6.5% (an increase of 9.2%).
Kazakhstan’s per capita GDP in 2020 will reach 9.6 million U.S. dollars (99,100 U.S. dollars in 2019), which is higher than Uzbekistan’s 16,900 U.S. dollars (17,200 U.S. dollars in 2019).
At the same time, Uzbekistan’s per capita GDP growth rate is ahead of Kazakhstan: -3.6% to 2.7% in 2018, and -3.8% to 3.2% in 2019. In 2020, the indicator dropped by 0.3% in Uzbekistan, and in Kazakhstan-it immediately dropped by 3.9%.