Uzbekistan Among Europe & Central Asia’s Fastest-Growing Economies in 2025

Uzbekistan is on track to be one of the region’s five fastest-growing economies next year, with GDP projected at 6.2% in 2025, according to the World Bank’s Fall 2025 Europe & Central Asia update. That far outpaces the regional average of 2.4% (down from 3.7% in 2024). Central Asia remains the growth leader at about 5.9%, with Tajikistan (7%), Kyrgyzstan (6.8%) and Kazakhstan (5.5%) also strong.

Growth in Uzbekistan is fueled by rising remittances and investment. Transfers jumped 27% year on year in H1 2025 to $8.2 bn, while FDI hit ~$10 bn in 2024, a record. Reforms since 2016—currency liberalization, tax and customs simplification, privatization—have lifted average growth to 5–6% and cut poverty to 8.9%, with a stated goal of 6%.

Big-ticket projects underscore momentum: ACWA Power has committed around $13.7 bn; OTP Group became the first foreign bank to buy an Uzbek lender; and the EBRD has invested €2 bn+ across 90 projects. Tashkent targets WTO accession by 2026.

Risks persist: dominant state enterprises, external headwinds from a slower Russia, and the need to modernize utilities, education and digital infrastructure. Still, with a 2024 GDP near $105 bn and a pivot toward manufacturing, services and IT, Uzbekistan’s outlook remains one of the brightest in Europe and Central Asia.