Uzbekistan has released its state budget for 2025, outlining a robust economic forecast that includes significant increases in GDP and stable growth rates through the next few years. According to the report, Uzbekistan’s GDP, which stood at $77.84bn in 2022, grew rapidly, reaching $93.20bn by the end of 2023 and continuing upward to $166.08bn by 2027. The budget projects steady GDP growth rates, holding around 6% annually.
GDP on the Rise
The 2025 state budget projects a year-on-year increase in Uzbekistan’s GDP from 2022 through 2027. The country’s GDP, recorded at $77.84bn in 2022, reached $93.20bn by the end of 2023, with further growth forecasted at $110.37bn in 2024. For 2025, the budget anticipates GDP to grow to $127.42bn, followed by increases to $145.86bn in 2026 and $166.08bn by 2027.
Consistent GDP Growth Rate
The budget projects Uzbekistan’s GDP growth rate to remain stable, signaling a resilient economic outlook. In 2022, the growth rate was 6%, expected to rise to 6.3% in 2023. The government forecasts a 6% growth rate in 2024 and 2025, with a slight increase to 6.1% in 2026 and further rise to 6.3% by 2027. This stability in growth rates suggests that Uzbekistan’s economic expansion will continue on a sustainable trajectory, even amid global uncertainties.
IMF and World Bank Growth Projections
Projections from the International Monetary Fund (IMF) and the World Bank closely align with Uzbekistan’s state budget forecast. For 2023, both institutions have predicted a growth rate of 6.3%, mirroring the government’s estimates. For 2024, the IMF projects a slight dip to 5.6% before recovering to 5.7% in 2025, while the World Bank forecasts 6% in 2024, a slight decline to 5.8% in 2025, and a modest increase to 5.9% in 2026. These projections reflect confidence in Uzbekistan’s growth trajectory, backed by stable policies and economic reforms.
Outlook and Implications
Uzbekistan’s 2025 budget highlights a positive economic outlook characterized by rising GDP, stable growth rates, and increasing per capita income. The alignment of these projections with those from the IMF and World Bank enhances investor confidence, positioning Uzbekistan as an attractive destination for foreign direct investment. With a focus on sustainable growth, the budget outlines a pathway for the country to bolster economic resilience, improve quality of life, and strengthen its standing in the regional economy.
Comments (0)