Uzbekistan overview

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A new approach by the Uzbekistan authorities has allowed the EBRD to re-engage in the country, open a new Resident Office in Tashkent and prepare a new Country Strategy adopted by the Board of Directors in September 2018.

The document 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 Bank’s new phase of engagement with the country was prompted by a major reform programme launched by the authorities in February 2017 moving towards a more open, integrated market economic model, improving international relations, strengthening the rule of law and judicial independence and achieving the liberalisation of the foreign exchange rate. Reducing the state’s presence in the economy, improving the business environment and facilitation of foreign direct investments are among the top priorities of the Uzbek authorities.

The new EBRD strategy for Uzbekistan recognises the need to strengthen the country’s democratic institutions, expand the role of civil society, provide greater freedom to mass media and promote women’s entrepreneurship. The Bank will also continue monitoring progress on the eradication of forced and child labour in sectors such as the cotton growing industry.

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

Current EBRD forecast for Uzbekistan's Real GDP Growth in 2022: 5.5%

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

Having avoided recession in 2020, Uzbekistan’s economy enjoyed very strong growth of 7.4 per cent in 2021 and continues in 2022 to demonstrate exceptional resilience in the face of strong geopolitical headwinds since Russia’s invasion of Ukraine. With Russia’s demand for migrant workers breaking records and the rouble gaining recently versus other currencies, Uzbekistan has seen domestic demand supported by a surge in remittances, which were up by 96 per cent year-on-year in the first half of 2022.
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