TASHKENT, Uzbekistan, August 24. Uzbekistan’s average annual GDP growth has remained at around 6–7%, while the size of the country’s economy has tripled from around $60 billion to $180 billion, Uzbek Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov said, Trend’s special correspondent reports from Tashkent.
He made the remark while speaking at the Silk Road Finance & Technology Forum.
According to Kuchkarov, GDP per capita has also increased significantly, from approximately 4,600, bringing Uzbekistan into the group of upper-middle-income countries.
The deputy prime minister noted that Uzbekistan has also made significant progress in reducing inflation. After remaining in double digits several years ago, inflation has now declined to single-digit levels. “Inflation is expected to be around 6.5% this year, with the aim of reaching the 5% target next year,” he said.
Kuchkarov said that Uzbekistan has maintained external public debt at around 27% of GDP, while budget deficits have remained below 3% of GDP in recent years.
He also highlighted improving external assessments of Uzbekistan’s economy, noting that the country’s credit ratings have been upgraded by Fitch and other rating agencies, while foreign direct investment inflows have increased annually. “Going forward, we will take all necessary measures to bring inflation down to the target level, maintain fiscal discipline, and ensure prudent and sustainable public debt,” Kuchkarov said.
He stressed that the Uzbek government would take all necessary steps to ensure that Uzbekistan maintains a favorable and predictable environment for investors and market participants over the next decade. “We will work to achieve an investment-grade sovereign credit rating, complete Uzbekistan’s accession to the World Trade Organization, further reduce the state’s presence in the economy, and continue market-oriented reforms,” Kuchkarov said.
