Opening up Uzbekistan’s economy to maintain competitiveness

Uzbekistan was one of only three economies in the Europe and Central Asia (ECA) region to maintain positive economic growth in 2020. Reforms implemented as far back as 2017 - part of the government’s commitment to create a more open, integrated market economy - have allowed the country to emerge from the Covid-19 crisis in a stronger position than many of its neighbours.

Challenges remain. Uzbekistan is battling high levels of poverty and unemployment, low income levels, a high proportion of state-owned enterprises (SOEs) and sluggish private sector growth. But the first half of 2021 has looked promising; in March, the Oliy Majlis approved plans to reduce the overall number of SOEs by 75% in the next four years. Industrial production grew by 3.8% between January and July, and the country’s agricultural output – a major driver of growth during the pandemic - remained robust.

What next for Uzbekistan’s economic landscape? How can the country realise its competitive advantages, whilst tackling long-standing socioeconomic challenges? What government initiatives have been put in place to ensure that strategies for growth take sustainability into account, in line with international climate goals?

Our panel explored the strategies that policymakers and corporate leaders must deploy to maintain sustainable, resilient growth, and what structural reforms are still needed if Uzbekistan is to realise further economic potential.

Economy

What next for Uzbekistan’s economic landscape? 

Challenges

How can the country realise its competitive advantages, whilst tackling long-standing socioeconomic challenges? 

Strategies

What government initiatives have been put in place to ensure that strategies for growth take sustainability into account, in line with international climate goals?

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