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Uzbekistan overview

The EBRD’s Country Strategy for Uzbekistan identifies the following operational and strategic priorities for the EBRD’s work in Uzbekistan: 

  1. Enhancement of competitiveness by strengthening the role of the private sector’s role in the economy 
  2. Promotion of green energy and resource solutions across sectors 
  3. Support increased regional and international cooperation and integration. 

The EBRD strategy for Uzbekistan recognises the need to strengthen the country’s path to reform, expand the role of civil society, provide greater freedom to mass media and promote women’s entrepreneurship.  

The EBRD continues working on the improvement of the investment climate in Uzbekistan by facilitating the activity of the Foreign Investors’ Council, which is serving as a platform for dialogue between foreign investors and the authorities fostering reforms. 

The Bank also continues providing support for Uzbekistan’s green transition. Its investment contributes to a long-term decarbonisation plan that the EBRD and the government of Uzbekistan have jointly developed and which aims to achieve a carbon neutral power sector by 2050.

The EBRD's latest Uzbekistan strategy was adopted on 19 September 2018.

Current EBRD forecast for Uzbekistan's Real GDP Growth in 2023: 6.5%

Current EBRD forecast for Uzbekistan's Real GDP Growth in 2024: 6.5%

The economy grew by 5.6 per cent year on year in the first half of 2023. Elevated external demand strengthened the country’s exports (up 31 per cent year on year). However, remittances dropped in the first half of 2023 (by 21.5 per cent year on year), albeit from a high level. Nevertheless, domestic demand was supported by a 21.9 per cent year on year increase in nominal wages in the second quarter and buoyant credit growth. Retail trade expanded at the rate of 6.9 per cent year on year in the first half of 2023.
Other sectors, including industry (up 5.6 per cent year on year), construction (up 4.8 per cent), services (up 12.3 per cent year on year), and agriculture (up 3.8 per cent year on year) grew as well. Having peaked in July 2022, inflation moderated to 9 per cent in June 2023 mirroring global trends and reflecting tight monetary policy (the central bank’s policy rate has been set at 14 per cent since March 2023). In August 2023, the Uzbek sum lost 4.0 per cent of its value against the US dollar as Russia’s rouble depreciated sharply. Between end-2022 and July 2023, Uzbekistan’s international reserves declined by 5.7 per cent but remain broadly sufficient. GDP growth is expected to reach 6.5 per cent in 2023 and 2024.
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