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Overview

Country Context

Uzbekistan

2021

Population, million

34.9

GDP, current US$ billion

69.2

GDP per capita, current US$

1,983.2

Life Expectancy at Birth, years

71.7

After a wave of exchange rate, trade, and price liberalization reforms in 2017–21, the Government’s focus is shifting to deeper structural constraints, such as weak factor markets and dominant state-owned enterprises and banks. A next phase of social and economic reforms is needed to create a larger and more competitive private sector, which is key to addressing the economy’s legacy of state-led growth with weak job creation. 

In 2021, about 7.5 percent of citizens lived below the World Bank’s lower-middle-income poverty line. Many more live close to this line and are at high risk of poverty. One in six households has a member working abroad, mostly in Russia. Reforms to expand social assistance started during the COVID-19 pandemic will serve as an effective platform to expand safety nets and labor market support programs to prevent a sharp rise in poverty.

Russia’s invasion of Ukraine will slow Uzbekistan’s growth to 3.6 percent in 2022, due to a halving of remittances, record global oil and food prices, trade, investment, and banking disruptions, and the return of migrant workers. More social protection and labor market programs are needed to prevent increases in poverty. Higher commodity revenues and lower public investment spending will create some fiscal space and, with tighter monetary policy, support macroeconomic stability.

LENDING

Uzbekistan: Commitments by Fiscal Year (in millions of dollars)*

*Amounts include IBRD and IDA commitments

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Country Office Contacts

Tashkent, +998 71 120-2400
107B Amir Temur Street, Block C, 15th floor, 100084, Tashkent, Uzbekistan
Almaty, +7 727 377-8220
Central Asia Regional Office: 41A Kazybek bi Street, 4th Floor, 050010, Almaty, Kazakhstan