II. Regional Impact of the Crisis
II. Regional Impact of the Crisis
Along with
Azerbaijan,
Uzbekistan was
forecast to be
affected the least
by the global
financial crisis.
This projected
performance was
attributed, in part,
to favourable
developments in
the hydrocarbon
sectors of these
two economies
What is the outlook for the countries in the region? In its May 2009
Regional Economic Outlook for the Middle East and Central Asia, the
IMF projected that real GDP for the Caucasus and Central Asia (CCA)
would grow by only 0.9% in 2009, after having achieved growth of 6.3%
in 2008 (and 12% in 2007).
In its World Economic Outlook published in October 2009, though, the
IMF projection for CCA growth in 2009 was revised upwards to 1.5%, due
mostly to the improved growth prospects of the energy exporters in the
region.
While the IMF noted that Uzbekistan grew by 9% in 2008, it
predicted that its growth would drop to 7% in 2009. Along with
Azerbaijan, Uzbekistan was forecast to be least affected by the global
financial crisis. This projected performance was partially attributed to
improvements in the hydrocarbon sectors of these two economies. For
example, the share of energy exports in the total exports of Uzbekistan
increased between early 2008 and early 2009 as other export items
declined (see Figure 2).
Figure 2. Uzbek Exports (in percent)
Source: State Statistics Committee of the Republic of Uzbekistan
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