“According to national forecasts, the country’s economy is expected to grow by 5.1% in 2021, with the industry growing by 5.8%, construction – by 6.5%, agriculture, forestry and fisheries – by 2.7% and services – by 6.4%.

Fulfillment of these forecasts depends on uncertainties about the conditions of the pandemic and the duration of mass vaccination against COVID-19, the pace of recovery in the global economy.

The draft state budget was developed on the basis of these macroeconomic indicators,” the Minister said at the 10th session of the Senate.

According to him, IMF’s October forecast notes that the world economy will grow by 5.2% in 2021 (3.9% in developed countries, 2.8% in Russia, 3% in Kazakhstan and 5% in Turkey). The Chinese economy is projected to grow by 8.2%.

“In general, the forecasts remain very uncertain and highly dependent on the development of the epidemiological situation.

The fall in oil prices due to the pandemic is expected to have a negative impact on energy exporters, but for Uzbekistan, the rise in gold prices may help offset the decline in prices for other products,” Kun.uz correspondent quoted the Finance Minister as saying.