Chief Economists Outlook May 2025

20Chief Economists Outlook 50 International Monetary Fund (IMF). (2025b).In Central Asia, large majorities of chief economists surveyed expect moderate growth and inflation in the remainder of 2025 (71% and 83%, respectively). The region remains exposed to external shocks, particularly those stemming from shifts in global energy markets, trade and geopolitical developments. Fiscal and monetary policy are expected to remain unchanged by about two-thirds of respondents, with the remainder expecting loosening. IMF growth projections for many countries in the region are positive, with Kazakhstan, the largest economy in the region, projected to grow at 4.9% in 2025. Meanwhile, Uzbekistan, Tajikistan and the Kyrgyz Republic look poised to approach or even surpass 6% growth this year.50