In contrast to most emerging markets that saw economic contractions, Uzbekistan's economy expanded 1.6% in 2020 and we forecast growth will accelerate to just below 5% this year. Fiscal and external debt increased sharply in 2020 but less than we expected, largely due to very high gold prices, which supported government revenue and Uzbekistan's external balance sheet. We revised our outlook on Uzbekistan to stable from negative and affirmed our 'BB-/B' ratings. On June 4, 2021, S&P Global Ratings revised the outlook on its long-term ratings on Uzbekistan to stable from negative. At the same time, we affirmed the 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings. The transfer and convertibility assessment remains 'BB-'. The stable outlook
