Republic of Uzbekistan: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Uzbekistan
IMF Staff Country Reports, May 11, 2018
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- Republic of Uzbekistan: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Uzbekistan
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Bibliographic details
- Published: May 11, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484354896.002
External position and shocks
- Uzbekistan’s external position remains strong.
- External shocks beginning in 2014 lowered exports, commodity prices, and remittances and contributed to a decline in growth from about 8 percent to 5 percent in 2017.
- International reserves were equivalent to 19 months of imports of goods and services at end-2017.
- Debt is low.
Growth, employment, and labor market
- GDP growth declined from about 8 percent to 5 percent in 2017.
- Growth of domestic employment remained below one percent.
- GDP is projected to expand by about 5 percent in 2018–19, but domestic job creation will continue to lag.
Inflation, policy stance, and reforms
- A loosening of fiscal and monetary policies, along with price and foreign exchange liberalization, caused inflation to pick up in late 2017 and was close to 20 percent in early 2018.
- Keywords and themes include: fiscal policy, FRD deficit, FX market reform, market FX rate, prudent fiscal policy.
Content in this bundle
- Country Report