Macroeconomic Forecast Uzbekistan

We have revised up our forecast for consumer price inflation (CPI) in Uzbekistan to 11.8% by the end of 2011, up from 9.0% previously. We expect that elevated global commodity prices will work to push up the food and fuel portions of the consumer price basket in particular. Moreover, our expectation for the economy to continue to expand at a healthy clip, we forecast 8.5% real GDP growth this year, will further add to demand-pull inflationary pressures.

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