ADB forecasts decrease of economic growth in Central Asian countries in 2003 down to 5.8%

/Kazakhstan today, April 29, 03/ - Asian development bank (ADB) forecasts decrease of economic growth in Central Asian countries in 2003 down to 5.8% from 7.7% in 2002. The constant representative of ADB in RK Kazukhiko Khiguchi informed about it on April 29 in Almaty, representing analytical annual report of the bank about perspectives of Asian development. In particular, according to the report, the decrease in Central Asian countries reflects the fact that economies of these states "are vulnerable for they have narrow economic base and depend in the world prices for natural resources". Thus, ADB forecasts decrease of growth rates of the economy of Uzbekistan down to 3.5%-4% in 2003-2004 in comparison with 4.2% in 2002, Tajikistan - to 7.1% from 9.1% correspondingly. Forecasts concerning development of Kazakhstan economy is called positive by the bank, despite the fact that it says about slow-down of growth rates of its GDP for 2003-2004 down to 7% against 9.5% in 2002. At the same time, in the end of March Kazakhstan government proclaimed forecast of the republic's economic growth for 2003 on the level of 8%. Growth of Turkmenistan's GDP in the nearest two years, on the contrary, will increase up to 7.5% because of the high foreign demand for natural gas, cotton and production of textile industry, and also due to increase of domestic demand. ADB's forecast after 2004 about this country is also positive because export of gas through Russia and afterwards through Afghanistan to South Asia's markets will increase. According to the report, Kirgizstan will be the only country in the region, where economic growth rates will sharply increase because of restoring of gold production here. Thus, growth of GDP in this republic may increase to 5.2% in 2003 in comparison with 0.5% in the past year. [2003-04-29]