Uzbekistan

Uzbekistan Economic Profile

Uzbekistan is the most populous country in Central Asia and is classified as a lower-middle-income country with an estimated GDP of approximately $220 billion (2023). The economic structure is heavily dependent on agriculture, energy, and mining sectors, with cotton production ranking among the world's highest. Abundant natural gas reserves and mineral resources such as gold are important sources of foreign exchange earnings, with the energy-related sector accounting for approximately 30% of the total economy.

Since President Shavkat Mirziyoyev took office in 2016, the country has pursued major economic reforms. The government has focused on structural reforms including transition to a market economy, privatization of state-owned enterprises, and improvement of som convertibility, with relations with the IMF also improving. Following the currency devaluation in 2019, inflation has shown a moderating trend, and macroeconomic stabilization is progressing.

Notably, the country holds an important geopolitical position on the Silk Road and has become an important partner in China's Belt and Road Initiative. Efforts toward infrastructure investment and economic diversification are accelerating, with particular focus on the development of tourism and manufacturing sectors. However, ongoing challenges remain, including improvements in labor practices in the cotton industry and strengthening the foundation for private sector development.