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EBRD expects strongest GDP growth in 2023-2024 in Central Asia

Average economic growth in Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan, and Uzbekistan will be twice the average forecast for 39 countries with 2.1% growth in 2023 and 3.3% growth in 2024

LONDON, February 16. /TASS/. The economies of Central Asian countries will grow by 4.9% in 2023 and 5.4% in 2024, with the relocation of Russian businesses and the inflow of labor playing a significant role in this process, according to the report from the European Bank for Reconstruction and Development (EBRD) published on Thursday.

"Output in Central Asia is expected to grow by 4.9 per cent in 2023. A slight upward revision relative to September reflects the boost from high oil and gas prices in commodity exporters and increased inflows of labor, capital and remittances and increased intermediated trade. Output growth is expected to pick up to 5.4 per cent in 2024, on planned infrastructure investments, high commodity prices and relocation of Russian businesses," the report said.

Average economic growth in Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan, and Uzbekistan will be twice the average forecast for 39 countries with 2.1% growth in 2023 and 3.3% growth in 2024. The highest growth is predicted for Tajikistan (8%), Kyrgyzstan and Mongolia (7% each), Turkmenistan and Uzbekistan (6.5% each).

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