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.

Uzbekistan's policy response to the coronavirus crisis

The EBRD is monitoring Uzbekistan's policy response to the coronavirus pandemic. Our biweekly publication identifies the major channels of disruption as well as selected impact and response indicators.

Learn more

Current EBRD forecast for Uzbekistan's Real GDP Growth in 2021: 6.8%

Current EBRD forecast for Uzbekistan's Real GDP Growth in 2022: 6.0%

 
The economy is recovering rapidly. Real GDP grew by 6.9 per cent year-on-year in the first three quarters of 2021.
 
Services expanded by 19.5 per cent year-on-year, industrial output by 9 per cent, and agriculture by 4.2 per cent. On the demand side, private consumption was supported by strong growth in consumer lending and a surge in remittances from Russia, which grew by 35 per cent year-on-year in US dollar terms in the first eight months of 2021.
 
Credit growth picked up to 22 per cent in June 2021 in real terms (both in corporate and retail segments) from 12 per cent a year ago, reflecting stronger economic activity. At the same time, non-performing loans increased to 5.5 per cent in June 2021, versus 2.1 per cent at the end of 2020. Investment activity started recovering, with fixed investment up by 5 per cent year-on-year in the first three quarters of 2021.
 
 
 
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