GDP, current US$ billion
GDP per capita, current US$
Life Expectancy at Birth, years (2017)
Twenty-five years after the collapse of the Soviet Union, Uzbekistan was still a closed, centrally planned economy. With the drivers of the old growth model exhausted, Uzbekistan has launched a process of market-oriented reforms that have surprised observers by their breadth and speed. In December 2016, the administration of the newly elected President Shavkat Mirziyoyev acknowledged the need to transition to a market-oriented economy underpinned by private sector growth.
In February 2017, the Government announced a broad market-oriented reform program that included five priority areas: improving public administration and state-building; ensuring the rule of law and judiciary reform; maintaining economic growth and liberalizing the economy; enhancing social safety nets; and ensuring security and implementing a constructive foreign policy. The program also reiterated the authorities’ commitment to ensuring macroeconomic stability, and improving the business climate in the country.
An impressive array of institutional reforms to enhance macro-fiscal and financial resilience, create markets, foster private sector participation, and improve the business climate was launched in 2017–18. This included visa liberalization, greater independence for the Central Bank of Uzbekistan (CBU), an assessment of banking sector resilience, the implementation of financial recovery plans in key state-owned enterprises (SOEs), plans to reinitiate the previously stalled World Trade Organization accession process, and new legislation to promote competition and public-private partnerships (PPPs).
The authorities are working on improving the tax system and tax administration procedures and on creating greater economic data transparency, including by joining the General Data Dissemination Standard (GDDS) of the International Monetary Fund.