Fitch Solutions Improves Forecast for Tajikistan’s GDP

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Fitch Solutions has raised its forecasts for Tajikistan’s real GDP growth, Trend reports.

The agency’s analytics forecast 7.3 percent GDP growth in 2023, up from 6.5 percent previously.

They have also raised their prognosis for 2024, now predicting a growth rate of 6 percent, up from 4.8 percent previously.

According to Fitch analysts, this bullish expectation is due to the country’s ongoing robust GDP growth of 8.3 percent year over year in the first half of 2023.

According to the agency, the local economy has benefited from the Ukraine conflict, particularly increased remittance inflows from migrant workers in Russia. Strong domestic demand has been critical, with retail sales increasing by 10.4 percent year on year in the first half of 2023 and gross investment increasing by 27.1 percent year on year.

Despite a decline in goods exports by 44.2 percent year-on-year during the first half of 2023 due to a suspension of precious metal exports, imports increased by 19.1 percent year-on-year.

Tajikistan’s GDP growth amounted to 8 percent in 2022.

Source: Trend News Agency