EDB: Uzbekistan Emerges as Regional Growth Leader in 2025, Outpacing Many Peers

Uzbekistan has reinforced its position as one of Central Asia’s most dynamic economies in 2025, with the Eurasian Development Bank (EDB) highlighting the country’s strong growth, rising investment inflows and expanding trade volumes.

According to the EDB’s September 2025 review, Uzbekistan’s GDP rose by 6.3%, one of the fastest growth rates across the region. This placed the country ahead of Kazakhstan, which posted a growth rate of 4.6%, and Kyrgyzstan, which grew by 4.4%. Armenia and Tajikistan also performed well, with growth rates of 7.1% and 6.7% respectively, but Uzbekistan remains notable for the scale of its economy and the breadth of its reforms driving expansion.

Investment Activity

A significant factor behind Uzbekistan’s growth has been investment activity, which increased by 12.5% in the first half of the year. This was driven by both public infrastructure spending and rising foreign direct investment. By contrast, Kazakhstan’s investment activity grew at a more moderate pace, while smaller states like Kyrgyzstan and Armenia saw fluctuations due to external financing constraints.

Trade has also played a key role. Uzbekistan’s exports grew by more than 9% in the reporting period, with manufacturing and agricultural products leading the way. While Armenia and Tajikistan saw higher relative export growth due to low bases, Uzbekistan’s trade volumes are far larger and more diversified. The report noted that Uzbekistan’s imports also increased, reflecting strong domestic demand and ongoing industrial modernisation.

Inflation

Inflationary pressures in Uzbekistan have been kept in check, running lower than in Kyrgyzstan and Tajikistan, though still higher than in Kazakhstan and Armenia. The EDB expects inflation to ease further in 2026 as monetary policy tightens and global commodity prices stabilise.

In a broader regional context, Uzbekistan is part of a resilient growth cluster in Central Asia and the South Caucasus. Armenia led with 7.1% growth, powered by IT services and investment inflows, while Tajikistan posted 6.7% on the back of remittances and construction. However, Uzbekistan’s trajectory is distinct because of its larger domestic market, structural reforms and ambition to become a transport and energy hub for the wider Eurasian region.

The EDB report concluded that Uzbekistan’s combination of robust GDP growth, investment momentum and balanced trade expansion sets it apart in 2025, positioning the country as one of the key drivers of regional economic performance.

Kursiv also reports that Uzbekistan is increasingly setting the pace for economic growth and integration in Central Asia.