EABR forecasts economic growth in 2023

The forecast from the Eurasian Development Bank (EDB) notes that Tajikistan’s economy will be the fastest growing in the region in 2023.

Photo: Internet

According to the Avesta agency, analysts from the Eurasian Development Bank have predicted a GDP growth rate for Tajikistan of 6.5% in 2023.

According to the EDB’s macroeconomic forecast for 2023, published on November 29, “the slowdown is explained by the completion of the recovery period in the economy that followed the end of the acute phase of the coronavirus pandemic, the continued economic decline in the region, and, against the backdrop of the expected weakening of the Russian ruble, a decrease in the volume of incoming remittances.”

The report notes that Tajikistan’s economic growth in 2021 was 9.2%, following a sharp slowdown in the pandemic year of 2020.

According to the forecasts of EDB analysts, economic growth in Tajikistan next year will be the highest among the member countries of this regional financial institution, the report states.

The economies of Armenia and Kazakhstan are projected to grow by 4.2% in 2023, Kyrgyzstan by 3.5%, Belarus by 0.3%, while the Russian economy is expected to decline by -2%.

According to EDB forecasts, the inflation rate in Tajikistan will slow down to 6% in 2023.

Analysts predict a gradual weakening of the somoni over the next two years. It is expected that the exchange rate of the Tajik currency against the dollar will remain around 10.2 somoni per 1 dollar by the end of this year, and in 2023 will average 10.7 somoni.