Uzbekistan’s Economy to Reach $200 Billion by 2030

Uzbekistan’s economy could grow to $200 bln by 2030 if reforms continue and the government performs effectively, President Shavkat Mirziyoyev stated during an address to the Legislative Chamber.

The President tasked officials with maintaining annual economic growth rates of 6–7% and achieving a steady decline in inflation to 5–6%. He also emphasised that the budget deficit must not exceed 3% of government expenditures.

The future government will need to boost exports to $45 bln, partly by joining the World Trade Organisation (WTO) and increasing the share of finished goods to half of total exports.

Mirziyoyev highlighted the importance of reducing the shadow economy. One key objective for the next government will be raising the share of cashless payments to 60% by the end of 2025.

Reflecting on initial doubts about the Uzbekistan-2030 Strategy, the President noted that many had questioned its feasibility. However, he affirmed that the republic’s ability to increase GDP to $160 bln is no longer in doubt. Uzbekistan’s economy is projected to reach $110 bln by the end of 2024, up from $90 bln in the previous year.