Moody’s Upgrades Uzbekistan’s Credit Rating
Moody’s has upgraded Uzbekistan’s sovereign credit rating from Ba3 to Ba2 while maintaining a stable outlook for the republic. The international ratings agency attributed this positive evaluation to notable improvements in public administration, the implementation of consistent economic policies and a significantly more resilient national budget.
Over the past three years the Uzbek economy has experienced strong expansion with an average growth rate of 6.9%. This upward trajectory peaked last year when the gross domestic product surged by an impressive 7.7%. Alongside this rapid economic acceleration the government has successfully managed to more than halve its budget deficit to approximately 2% of GDP.
Looking ahead Moody’s analysts predict a continuation of this financial stability. The agency forecasts that the national budget deficit will remain comfortably below the 3% mark in the coming years while state debt is expected to hold steady at around 35% of GDP.
Structural reforms and market confidence
The comprehensive report also highlighted the success of ongoing structural reforms across the country. Key national initiatives praised by the agency include the liberalisation of the energy sector, the enforcement of stricter fiscal discipline, active anti-corruption measures, preparation for World Trade Organisation accession and the gradual reduction of state involvement in the broader economy.
Moody’s pointed to the recent successful dual listing of UzNIF as a major testament to the effectiveness of these modernising changes. The highly anticipated financial move managed to attract roughly $691 mln from international investors.
A diversifying economic landscape
According to the agency’s assessment the national economy is becoming increasingly diversified and resilient. Economic expansion is no longer solely reliant on the traditional mining sector and gold exports but is now being heavily driven by strong performances in services, manufacturing and construction.
Furthermore the domestic economy continues to receive vital support from high volumes of capital investment and robust labour migrant remittances. These financial transfers from citizens working abroad reached a staggering $18.9 bn in 2025 to provide a crucial foundation for continued national prosperity.
