Uzbekistan's GDP could reach $200 billion in six years

By 2030, Uzbekistan's gross domestic product (GDP) may rise from $160 billion to $200 billion, according to Ilhom Norkulov, the First Deputy Minister of Economy and Finance. This projection follows a recent meeting with President Shavkat Mirziyoyev on macroeconomic indicators.

During the meeting, President Mirziyoyev expressed optimism that the country's GDP could reach $200 billion by 2030, surpassing the earlier target of $160 billion. He also set a goal to increase the GDP per capita to over $5,000, compared to the previous estimate of $4,000.

Additionally, inflation forecasts were reassessed at the meeting. The President emphasized the importance of maintaining fiscal prudence and stability in forming the 2025 state budget, with a key objective to reduce the state budget deficit to 3% and keep inflation under 7%.

“Inflation is expected to be controlled at 5-6% in 2026 and brought down to 5% or lower from 2027 onwards,” said Norkulov.

Furthermore, the Deputy Minister noted that there is an ongoing effort to raise Uzbekistan's sovereign rating to the investment level. By the end of 2024, the country's GDP is expected to reach $111 billion.

In 2023, Uzbekistan's nominal GDP increased by 125.6 trillion soums (approximately $10.7 billion), reaching a total of 1,192.2 trillion soums ($101.6 billion).