Tashkent, Uzbekistan (UzDaily.com) - The World Bank predicts a sharp decline in the growth of the economy of Uzbekistan in 2020 due to the consequences of the coronavirus pandemic, according to new World Bank economic survey on Europe and Central Asia.

According to the forecast of the bank’s specialists, the growth of the economy of Uzbekistan will be 1.6% in 2020 compared to 5.6% in 2019.

The bank’s experts expect that foreign trade will significantly decrease in Uzbekistan.

The bank’s report noted that a decrease in income and remittances will increase poverty in the country. In particular, the bank notes that the volume of money transfers will decrease by more than 50%.

According to World Bank forecasts, the demand for gold and food exports will remain high. At the same time, bank’s experts note that the prices of these goods can be significantly volatile.

Failures in the supply chain and higher product prices can lead to an increase in annual inflation of up to 15.8%.

The World Bank emphasizes that the crisis will affect industries such as tourism, horticulture and the service sector.

It is expected that anti-crisis measures taken in Uzbekistan, as well as macroeconomic reserves, social protection systems and public institutions will help mitigate the effects of the crisis.