Uzbekistan’s GDP to grow by 5.6% in 2025

The Asian Development Bank forecasts that Uzbekistan's GDP will grow by 5.6% in 2025. In a presentation held in the capital, the Asian Development Bank discussed Uzbekistan's economic reforms and growth indicators. According to the bank's report, inflation's impact on household disposable income is expected to lower economic growth in Uzbekistan in 2024.

The bank’s "Asian Development Outlook" forecasts Uzbekistan's GDP to be 5.5% in 2024 and increase to 5.6% in 2025. Growth is anticipated to slow due to regulated price increases affecting household incomes and potentially reducing consumer demand. The director of the Asian Development Bank's permanent representative office in Uzbekistan, noted commendable economic growth in the country last year, driven by stable performance in industry and agriculture.

“The strong economic growth was supported by favorable investment conditions and strategic tax exemptions on essential food items. Together with a strict monetary policy, this helped to significantly reduce inflation. Although growth is expected to decrease in 2024, the economic outlook remains positive”, - she stated.

In the presentation, it was highlighted that growth rates in the service and agricultural sectors are projected to slow down, along with a decrease in private consumption and investments. Inflation is expected to remain stable due to structural reforms in the energy sector and tighter monetary policies. The presentation also addressed issues concerning budget and tax policies, revenues, and the budget deficit.