World Bank Document

The uncertain global and regional economic environment poses a substantial 

macroeconomic  risk that could affect CPF program implementation. While Uzbekistan’s 

economy proved more resilient than most during the 2008-09 global downturn, it remains 

vulnerable to external shocks affecting commodity prices and remittances. Prolonged slower 

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growth in key trading partners, such as China, Russia, and Kazakhstan, would slow export growth 

and further reduce remittances. A further drop in commodity prices would undermine external and 

fiscal balances. The WBG will continue to monitor regional economic developments and, if 

necessary, adjust the scope and focus of what is by design a flexible program. More broadly, the 

government’s strategy to accelerate job creation, increase competitiveness, and diversify the 

economy, in particular agriculture - as well as CPF support in these areas - aims to mitigate this 

risk. 

 

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