Tajikistan’s economy to expand by 3.5 percent in 2021, says the Word Bank report

5 months ago Web Desk 0

The economy of Tajikistan is expected to expand 3.5 percent this year and 5.5 percent in 2022, the World Bank says in its January 2021 Global Economic Prospects.


In Central Asia, growth is reportedly expected to recover to 3% this year, supported by a modest rise in commodity prices and foreign direct investment as the subregion deepens its integration with China’s Belt and Road Initiative.


The report says the global economy is expected to expand 4% in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year.


Although the global economy is growing again after a 4.3% contraction in 2020, the pandemic has caused a heavy toll of deaths and illness, plunged millions into poverty, and may depress economic activity and incomes for a prolonged period.


Aggregate GDP in emerging market and developing economies, including China, is reportedly expected to grow 5% in 2021, after a contraction of 2.6% in 2020. Among low-income economies, activity is projected to increase 3.3% in 2021, after a contraction of 0.9% in 2020.


The recovery in the Europe and Central Asia (ECA) region is forecast to be a modest 3.3 percent in 2021 as the region recovers from the current rapid acceleration in COVID-19 cases.


Growth is then expected to rise to 3.9 percent in 2022 as the impact of the pandemic wanes and domestic demand strengthens.


Growth in Russia is envisioned to pick up only modestly in 2021, to 2.6 percent, as the country grapples with a renewed acceleration in COVID19 infections. Vaccine deployment in early 2021, however, is expected to aid the recovery, with growth eventually rising to 3 percent in 2022.


Source: Asia Plus