Uzbekistan aims for reform-driven GDP outcome of $200bn by 2030

By Mokhi Sultanova in Tashkent November 21, 2024

Uzbekistan's government officials are talking about a new phase of governance, marked by transformative economic and social reforms. GDP has doubled over the past five years to surpass $100bn, with yearly exports reaching a record $25bn, and the theory goes that the time has come to stride into this next phase to drive growth to new heights.

According to the presidential press service, foreign investment has grown sixfold, with the gold-currency reserves bolstered to over $40bn and 1.5mn high-income jobs created.

These and other milestones were highlighted during the first session of the newly elected Legislative Chamber of the Oliy Majlis, which began with the national anthem and proceeded with an address from President Shavkat Mirziyoyev on achievements and goals shaping Uzbekistan's future.

Mirziyoyev outlined Uzbekistan’s targets under the "Uzbekistan-2030" strategy. 

“By 2030, the economy of our country has the potential to reach $200bn. This is the basis for a sharp improvement in the standard and quality of life of the population,” the presidential press service later noted.

National strategy also includes doubling alternative energy capacity, increasing per capita income to $5,000, reducing poverty to 5% of the population and constructing 150,000 new apartments annually.

The president additionally laid out five critical priorities for the next five years:

  • Macroeconomic Stability: Maintaining 6-7% annual growth, reducing inflation to 5-6%, and capping the budget deficit at 3%.
  • Poverty Alleviation: Lifting 1mn people out of poverty by 2025 and keeping unemployment below 5-6% by 2030.
  • Industrial Growth: Launching 300 large-scale projects, doubling energy efficiency, and enhancing high-value industries.
  • Private Sector Development: Increasing the private sector’s contribution to 85%, privatising 2,000 enterprises, and executing $30bn in public-private partnerships (PPPs).
  • Food Security: Boosting agricultural output by 1.3 times and increasing average land income to $5,000 per hectare.

Mirziyoyev called for stronger collaboration between the government and parliament. 

"Parliamentary control is first of all 'people's control, the people's poll'," he said, proposing enhanced oversight systems to ensure effective implementation of laws and policies.

The head of the state highlighted the importance of deepening regional cooperation and strengthening global partnerships while safeguarding the country's sovereignty and ensuring peace and development for its people.

In addition, he proposed declaring 2025 the "Year of Environmental Protection and Green Economy," highlighting the importance of sustainability. 

Mirziyoyev also stressed empowering youth, stating: "Today, only a country with such advanced youth, such passionate intellectuals, and a nation united in the path of the development of the Motherland can achieve its national interests."

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