Macro Profile
Brief Country profile
World’s 4th fastest growing economy in 2016 (7.8%)
GDP grew 8% p.a. on average for the past 5 years
$67 billion economy (current GDP 2016, IMF), and $2,131 GDP per capita
32 million population, 3rd largest in CIS
4th largest country by territory in CIS - 447,400 square km land area
Strategic location: Proximity to powerhouses Russia, China, Turkey
Strong economic fundamentals
- Abundance of natural resources – energy, mining (gold, copper) and soft commodities (agriculture goods)
- Largest consumer market in Central Asia with rising purchasing power
- Established manufacturing base, educated cheap labor
New reform-minded and dynamic leader
- New President Shavkat Mirziyoev, previously the Prime Minister, has embarked on immediate pro-market reforms
- More freedom to private business and fight against corruption
- Speeding up the liberalization of exchange rate
- Guarantees and preferences to foreign investors
- Concrete tasks on developing capital markets, including launching “national champions”
- A 5-year Strategy for the development of Uzbekistan for 2017-2021 was adopted, including on:
- Rule of Law
- Developing and liberalizing the economy
- “$40bn worth 649 investment projects are to be implemented in 2017-2021”, The 5-year Strategy suggests.
- «GDP will double by 2030», President Shavkat Mirziyoev
- Unprecedented cooperation efforts with key trading partners
- Successful state visits of President Mirziyoev to Kazakhstan (March 2017) and Russia (April 2017)
- $ 1bn worth investment and trade deals with Kazakhstan and $16bn with Russia