The economic situation in Uzbekistan’s major trading partners, sharp fluctuations of their exchange rates, rising commodity and energy prices are increasing macroeconomic uncertainties and risks.

Fitch expects all these economies to grow in 2022, but has cut its forecasts by 0.2-4 percentage points, with the largest cuts for commodity importers.

The ADB projected the gross domestic product (GDP) growth in Central Asia and South Caucasus at 3.6 percent in 2022 and 4.0 percent next year.

The Central Asian country has been carrying out reforms in its energy sector to modernise ageing infrastructure and implement energy-efficient technologies, as well as to develop clean energy.