«Fitch Ratings» confirmed the sovereign credit rating of Uzbekistan at BB- level

The international rating agency "Fitch Ratings" published the next report on the sovereign credit rating of Uzbekistan. According to the report, the sovereign credit rating of our country was confirmed at the BB- (stable expectation) level.

According to the report, strong external and fiscal reserves of our country, moderate level of public debt and high growth rate compared to countries with "BB" rating are among the factors supporting the sovereign credit rating of the republic.

Here, the country's dependence on raw materials, weak institutional and management quality levels, high inflation rate and low per capita gross domestic product (GDP) are cited as factors limiting the credit rating of the republic.

It is noted that Uzbekistan was able to withstand the initial impact of the geopolitical situation, and the country's economy continues to show resilience against external shocks.

In particular, as a result of favorable export prices, supportive fiscal policy, a significant increase in remittances, and the stabilization of the exchange rate, the republic's economy achieved 5.4 percent growth in the first half of this year, the agency said that in 2022, Uzbekistan's real increased its expectation on the rate of economic growth from 3.1 percent to 5.1 percent.

At the same time, as a result of the weakening of the global growth expected by Fitch next year, Uzbekistan's economy will grow by 4.7% in 2023 and fiscal consolidation, which will be implemented gradually in 2024, and agriculture, construction and as a result of reforms that will have a positive effect on the industry, the real growth rate is forecast to reach 5.5 percent.