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EBRD Presents Transition Report 2008 in Uzbekistan |
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Thursday, 26 February 2009The EBRD presented update version of EBRD's Transition Report 2008 in Tashkent, Uzbekistan, on 26 February.
The EBRD's Transition Report tracks the economic performance and progress on reforms across EBRD countries. EBRD's Transition Report 2008 was presented in November 2008. Because of the rapidly deteriorating global economic situation the EBRD revised its forecast for the region at the end of January. The EBRD now expects average 2009 growth of 0.1 % in the 30 countries where it has investments, compared with a prediction of 2.5 % based on country forecasts made in November last year.
The Head of the EBRD Uzbekistan Regional Office Fernand Pillonel said Transition Report is annual report of the bank on the region (which includes 30 countries from Central Europe to Central Asia, including Turkey) and prepared by EBRD's economic department led by Chief Economist Erik Berglof.
For Uzbekistan, the EBRD's latest forecast is a slight revision compared to November when the Bank predicted 7% growth in the country in 2009. In the Bank's view Uzbekistan has so far been less affected by the global crisis because of the lesser degree to which the country is dependant on the international financial markets.
Fernand Pillonel said that the EBRD will further work to establish strategic dialogue with the authorities to improve investment climate and support reforms and anti-crisis measures in Uzbekistan.
He said that the EBRD is currently revising its activities in Uzbekistan and will adopt after consulting the authorities a new three-year strategy later this year.
Rika Ishii, EBRD's Principal Economist, said that high economic growth and was observed in transition economies in 2007 and the first half of 2008, but global economic crisis hit the region.
She said that economic growth in the region in 2009 will be lower compared to previous years and inflation rate will be high. The EBRD now expects average 2009 growth of 0.1 % in the 30 countries where it has investments, compared with a prediction of 2.5 % based on country forecasts made in November last year, she said.
Rika Ishii said that economic growth did not slow down in Central Asia and Uzbekistan [in 2008]. In 2008, Uzbekistan demonstrated high economic growth thanks to favourable international prices to main export items of the country.
Uzbekistan adopted measures on improvement of business climate, including new Tax Code. The latest revision takes repercussions of the global crisis into account, in particular the slowdown in Russia and its consequences on export revenues and remittances, as well as the overall fall of international commodity prices. The Bank estimates that Uzbekistan is in a relatively good position to weather the impact of the global financial and economic crisis, which could even provide impetus to push forward some reforms.
EBRD Economist said that the banking system of Uzbekistan, compared to neighbouring countries, did not affect from economic crisis. Major part of financial resources of the banks in Uzbekistan formed due to deposits of their clients.
In recent years, the banks that have been able to grow the most - primarily small and medium-sized private banks - are the ones that have been the most successful in attracting deposits. She said that the growth of the banking system was ensured due to internal resources, not due to foreign investments.
The Bank estimates that Uzbekistan is in a relatively good position to weather the impact of the global financial and economic crisis, which could even provide impetus to push forward some reforms. |
Thursday, 26 February 2009
UzReport
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