TASHKENT, Uzbekistan,
August 24. Uzbekistan’s average annual GDP growth
has remained at around 6–7%, while the size of the country’s
economy has tripled from around $60 billion to $180 billion, Uzbek
Deputy Prime Minister and Minister of Economy and Finance Jamshid
Kuchkarov said, Trend’s special correspondent reports from
Tashkent.
He made the remark while speaking at the Silk Road Finance &
Technology Forum.
According to Kuchkarov, GDP per capita has also increased
significantly, from approximately 4,600, bringing Uzbekistan into
the group of upper-middle-income countries.
The deputy prime minister noted that Uzbekistan has also made
significant progress in reducing inflation. After remaining in
double digits several years ago, inflation has now declined to
single-digit levels. “Inflation is expected to be around 6.5% this
year, with the aim of reaching the 5% target next year,” he
said.
Kuchkarov said that Uzbekistan has maintained external public
debt at around 27% of GDP, while budget deficits have remained
below 3% of GDP in recent years.
He also highlighted improving external assessments of
Uzbekistan’s economy, noting that the country’s credit ratings have
been upgraded by Fitch and other rating agencies, while foreign
direct investment inflows have increased annually. “Going forward,
we will take all necessary measures to bring inflation down to the
target level, maintain fiscal discipline, and ensure prudent and
sustainable public debt,” Kuchkarov said.
He stressed that the Uzbek government would take all necessary
steps to ensure that Uzbekistan maintains a favorable and
predictable environment for investors and market participants over
the next decade. “We will work to achieve an investment-grade
sovereign credit rating, complete Uzbekistan’s accession to the
World Trade Organization, further reduce the state’s presence in
the economy, and continue market-oriented reforms,” Kuchkarov
said.
