The World Bank has published its Uzbekistan Economic Memorandum, analyzing the country’s development from 2010 to 2022, Gazeta.uz reports.
The report highlights Uzbekistan’s progress in implementing reforms while identifying key challenges to achieving sustainable growth and expanding the private sector.
According to the document, the average annual growth of value added per capita reached 4.2%, exceeding the regional averages for Europe and Central Asia. However, this growth was largely driven by capital investments, while job creation lagged behind - labor market improvements only began in 2023.
To reach high-income status, the World Bank estimates that Uzbekistan needs GDP growth close to double digits. This will require better resource efficiency, market liberalization, infrastructure modernization, and deeper integration into global trade.
The report also stresses the need to reform the state sector. In 2020, state-owned enterprises accounted for 32% of GDP, although 80% operated in sectors where private companies could be more efficient. The Bank recommends accelerating privatization, improving corporate governance, and expanding SME access to finance.
Key recommendations include:
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Investment in energy and transport infrastructure, especially in Tashkent, Kashkadarya, Samarkand, and Navoi regions;
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Railway modernization to improve connectivity with Karakalpakstan and Khorezm;
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Reducing regulatory burdens, eliminating import tariffs on key goods, and digitalizing customs services.
Experts believe that implementing these reforms will help Uzbekistan sustain strong growth, generate quality jobs, and boost competitiveness in global markets.
CentralasianLIGHT.org
July 2, 2025