IMF predicts strong economic growth in Uzbekistan in 2015

Almaty. May 14. Silkroadnews - The International Monetary Fund (IMF) predicts continued high economic growth in Uzbekistan in 2015, reports the Uzbek News Agency (UzTAG) with reference to the press release issued on the results of the IMF mission from 29 April to 12 May in Uzbekistan.
"The Uzbek economy is showing resilience in the face of increasingly complex external environment characterized by weak economic activity in Europe and Russia, as well as low oil prices", - the report says.
IMF experts have concluded that, given the progress made in 2014 in Uzbekistan, observed high economic growth at the level of 8.1%, economic growth remained high, and GDP in the first quarter of 2015 grew by 7.5%. The annual inflation rate, calculated by the IMF on an alternative methodology for the period from January to March 2015 fell to 9%.
"A large amount of public investment and strategy to redirect gas exports from Russia to China protect the economy from the slowdown which is happening in other countries in the region", - said in a statement.
According to IMF forecasts, in 2015 the economic growth in Uzbekistan is expected to continue to be high due to the recent adoption of the program of modernization of industry and infrastructure, as well as programs for the privatization and corporate governance that will promote structural reforms and reduce the state's role in the economy.
External position remains strong, however, not excluded the risks associated with the slowing growth in major trading partners of Uzbekistan.
"The impact of these vulnerabilities are likely to be limited due to the large buffer stocks, including an adequate level of foreign exchange reserves, a margin of safety in the public sector and the low level of public debt", - stated in a press release.