Uzbekistan aims for 5% inflation, WTO accession and reduced state role — deputy prime minister

Uzbekistan is setting ambitious economic goals, including securing an investment-grade sovereign credit rating, finalizing its accession to the World Trade Organization (WTO), and further diminishing the state's influence in the economy, according to Deputy Prime Minister Jamshid Kuchkarov. These objectives were outlined at the Silk Road Finance & Technology Forum in Tashkent on August 24th. Kuchkarov emphasized that developing financial technologies, attracting private investment, and introducing innovative financial instruments are key priorities for Uzbekistan's economic policy.

“

Successful development of any sector, including fintech, ultimately depends on stable and favorable macroeconomic conditions that provide a foundation for sustainable growth and investment.

Kuchkarov highlighted the nation's robust economic performance over the last decade, with an average annual GDP growth of 6-7%. This sustained growth has led to a threefold increase in GDP, from approximately $60 billion to $180 billion, and a rise in GDP per capita from about $1,900 to $4,600. These figures are moving Uzbekistan closer to the ranks of upper-middle-income countries. Inflation, which previously experienced double-digit rates, has now fallen to single digits, with an expected rate of 6.5% this year and a target of 5% for next year. The country is also maintaining fiscal discipline, with external public debt at around 27% of GDP and the budget deficit kept below 3% of GDP in recent years.

“

This year, inflation is expected to be around 6.5%, and our goal is to reach the target rate of 5% next year.

To foster continued growth and investment, the government plans to cultivate a "favorable and predictable environment" for investors and market participants over the next decade. Kuchkarov stated that all necessary measures will be taken to reduce inflation to the target level, maintain fiscal discipline, and keep public debt at a sustainable level. Achieving an investment-grade sovereign credit rating and completing WTO accession are central to these efforts, alongside reducing the state's economic footprint and continuing market reforms. These initiatives are expected to bolster the private sector, deepen Uzbekistan's integration into the global economy, and create expanded opportunities for both local and foreign investors.

“

Maintaining fiscal discipline is a fundamental principle for us. In recent years, we have kept the budget deficit below 3% of GDP.

As part of its broader structural reforms, Uzbekistan is focused on developing a modern, competitive, and inclusive financial system integrated with the global economy. Kuchkarov envisions a system where technology serves to lower barriers, encourage innovation, and protect trust. This strategic direction underscores Uzbekistan's commitment to leveraging technological advancements and market-oriented reforms to drive economic progress and enhance its standing in the international economic landscape.

“

We will take all necessary measures to bring inflation down to the target level, maintain fiscal discipline and keep public debt at a reasonable and sustainable level.