These reforms have set new directions in industry, services, and investment. They enabled Uzbekistan to exceed initial forecasts and ensured the sustainability of structural changes in the economy.
Over the past eight years, the country’s economy has undergone profound qualitative transformations. While in 2017–2018 the gross domestic product stood at $59 billion, by 2023 it had reached $101 billion — three years ahead of the original target. The positive trend continues: in 2024 GDP grew by 6.5%, and in the first half of 2025 it reached 7.2%, exceeding $63 billion. By the end of this year, GDP is expected to surpass $130 billion.
This trajectory became possible thanks to large-scale reforms initiated by President Shavkat Mirziyoyev. They included the free convertibility of currency, modernization of the tax system, poverty reduction measures, and support for the strategic sectors of the economy.
The editorial board of the Economic Review journal highlights the key aspects of this interview. They reveal how the reforms ensured the structural transformation of the economy, which sectors have emerged as the main growth drivers, and how Uzbekistan’s development dynamics are shaping a long-term trajectory of sustainable growth.
If in 2018 the country’s GDP was around $59 billion, then according to World Bank data, by the end of 2024 it reached $115 billion. This is recognized as one of the significant achievements in global practice.
In 2017, virtually no investments were directed into infrastructure and several key sectors of the economy. In subsequent years, however, an active investment policy became the decisive factor. Over this period, more than $240 billion was invested in the economy, including $130 billion in foreign investment. This demonstrates the high level of confidence international partners have in Uzbekistan’s economy.
Major changes also took place in industry. For instance, textile production has tripled since 2017, reaching $10 billion. The automotive market expanded from $4 billion to $12 billion. In the electrical engineering sector, output rose from 3 trillion soums to more than 30 trillion soums. Exports of electrical products, virtually nonexistent before, increased 7–8 times and now amount to $1.3 billion.
The Development Strategy for 2022–2026 had set the target of reaching $100 billion in GDP by 2026. However, Uzbekistan achieved this milestone already in 2024.
According to the International Monetary Fund, in 2025 per capita income in the country will reach $3,500 for the first time. By 2030, Uzbekistan is projected to join the group of countries with per capita income of $5,200. With its considerable potential and consistent economic policy, the country is expected to see the expansion of new opportunities and a steady continuation of sustainable growth.
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