Macroeconomic Forecast Uzbekistan

According to latest GDP figures released by the State Statistical Committee, the Uzbek economy grew by 8.0% through the period January to September 2009. This follows an 8.2% expansion through H109 (with individual quarter breakdowns unavailable). We believe that Uzbekistan's relative economic isolation and lack of integration with global financial markets has helped to stave off the effects of the global financial crisis. As such, we hold to our forecast for full-year growth of 7.6% in 2009. Furthermore, with energy exports expected to pick up going forward, we also expect 2010 to deliver robust economic growth of

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