GDP, current US$ billion(2015)
GDP per capita, current US$ (2015)
School Enrollment, primary (% gross) (2015)
Life Expectancy at Birth, years (2015)
A presidential election was held in Uzbekistan on December 4, 2016, following the death of the former President, Islam Karimov. The Prime Minister of Uzbekistan from 2003 to 2016, Shavkat Mirziyoyev, won the election with 88.6% of the vote.
Uzbekistan’s economy has grown rapidly over the past decade and lifted significant parts of the population out of poverty. Increased exports of gas, gold, and copper, combined with high commodity prices, have generated revenues that have financed large increases in investment and salaries to bolster consumption However, commodity export volumes will likely plateau, and world prices are not expected to return to the levels of the past decade anytime soon. Uzbekistan will need, therefore, to find new drivers of economic growth in the future. The country’s reform agenda needs to put the economy on a more sustainable path of income growth and job creation.
Uzbekistan’s GDP growth slowed down marginally in 2016. The impact of lower commodity prices and the weak economic performance of the country’s largest trading partners were offset by the Government’s countercyclical fiscal and monetary policies. The current and fiscal accounts remain positive. Migrants returning from Russia and reduced remittances are nevertheless expected to put pressure on the labor market and to slow the pace of poverty reduction in the medium term.
Uzbekistan needs to foster a business climate conducive to private investment that will support SMEs, as well as large companies, in order to create high-quality jobs and increase exports, while ensuring environmental sustainability and inclusive growth.