Uzbekistan's economy is experiencing vigorous growth, with ongoing reforms and liberalization
The development of Uzbekistan is sustained by the continuous growth and modernization across all economic sectors
Uzbekistan's GDP has been experiencing an annual growth rate of 5%, reaching $80 billion in 2022
In real terms, consistent GDP growth has been recorded for over 20 consecutive years, with no decline observed during the 2008 crisis or the pandemic period. The economy of Uzbekistan demonstrates a notable resilience, often withstanding the detrimental impacts of global economic and financial crises. There were no declines either in the 2008 crisis or during the pandemic
Agriculture continues to be mainstay of the economy
- Agriculture contributes to 26% of the GDP, amounting to $29 billion
- Over 43 million tons of agricultural products are produced annually
- Uzbekistan ranks 6th globally in cotton production volume, yielding 3.5 million tons per year
Since 2017, Uzbekistan's standing in international business environment, corruption, and freedom indices has been progressively improving
Notwithstanding this progress, there remains a need for substantial further improvement
The sectors that are most reliant on imports are actively progressing
- Food industry: Emphasis on reducing imports
- Pharmaceuticals: 80% of medicines will be domestically produced by 2026
- Chemical industry: 2022 marked the industry's first profitable year
The government is committed to economic liberalization
Which includes the privatization of state assets, reducing the tax burden on businesses, forming a stock market, and actively attracting foreign capital
The country is endowed with abundant natural resources and is venturing into the market of final product production
- Gas reserves stand at 1 trillion cubic meters, amounting to reserves for the next 40 years
- Uzbekistan ranks 6th worldwide in copper reserves, with 45.3 million tons
- It holds the 4th position globally in gold reserves, amounting to 67.5 million ounces