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Uzbekistan - second fastest developing economy in 2017

Uzbekistan became the second country in terms of the pace of its economic development in 2017. The World Economic Forum reported, referring to the latest World Bank report Global Economic Prospects. Podrobno.uz reported.

As noted, Ethiopia (1st place), Uzbekistan (2nd place) and Nepal (3rd place) are three countries with fast-growing economy.

This year GDP growth in Uzbekistan is forecasted at 7.6 percent. This is facilitated by higher oil prices, favorable global financing conditions, sustained growth in the euro area and supportive policies of several large countries in the region.

Ethiopia's GDP in 2017 may increase by 8.3 percent, while the average world economic growth is projected at 2.7 percent.

The top ten fast developing countries include India, Tanzania, Djibouti, Laos, Cambodia, Myanmar and the Philippines. However, according to the World Economic Forum, many countries with forming market economy have a high level of state debt.