Uzbekistan’s ambitious goal: $200 billion GDP by 2030
Uzbekistan’s Economy Set to Grow to $200 Billion by 2030
Uzbekistan’s economy is on track to reach a GDP of $200 billion by 2030, surpassing earlier projections of $160 billion. This optimistic outlook was shared by First Deputy Minister of Economy and Finance Ilkhom Norkulov during a recent briefing. The country also anticipates an increase in GDP per capita from $4,000 to $5,000 within the same timeframe, indicating a positive trend in economic growth.
One of the main objectives outlined by President Shavkat Mirziyoyev is to reduce the state budget deficit to 3% of GDP by next year, with inflation expected to remain below 7%. By 2026, the goal is to stabilize inflation at 5-6%, followed by further reductions to 5% or lower by 2027.
Norkulov highlighted Uzbekistan’s steady GDP growth, which is projected to surpass $100 billion and reach $110 billion by the end of this year. The government’s target is to achieve a GDP of $200 billion by 2030. To support this goal, President Mirziyoyev has called for the development of a new program focusing on increasing localization in key industries such as copper production, gold mining, and metal processing.
Deputy Minister of Economy and Finance Akhadbek Khaydarov emphasized the government’s upcoming priorities of efficiency and stability. President Mirziyoyev has instructed state agencies to ensure the effective utilization of the national budget. Khaydarov highlighted that the effectiveness of budget spending will be a critical factor in evaluating heads of state departments.
Furthermore, Khaydarov outlined the tax policy plans for 2025, confirming that tax rates, including value-added tax (VAT) and corporate income tax, will remain unchanged. This decision aims to enhance Uzbekistan’s appeal to entrepreneurs and investors, providing a stable fiscal environment conducive to business growth.
Overall, Uzbekistan’s economy is poised for significant growth in the coming years, with strategic initiatives in place to foster economic development and attract investment in key sectors. The government’s commitment to fiscal responsibility and efficiency bodes well for the country’s future economic prospects.
