Tashkent, Uzbekistan (UzDaily.com) — The International Monetary Fund (IMF) has revised its forecast for Uzbekistan’s GDP growth in 2025, increasing it to 5.9% due to the country’s strong performance in the previous year, according to the regional economic outlook reviewed by Kursiv.

The IMF reports that Uzbekistan’s economy grew by 6.4% in 2024—0.9 percentage points higher than the Fund’s earlier forecast issued in October.

Key drivers of accelerated growth in Uzbekistan and other Central Asian countries include steady domestic demand and major investments in infrastructure projects.

For Uzbekistan, the primary contributor to increased domestic demand was the rise in real household incomes, rather than an expansion in consumer lending. Additionally, Uzbekistan, Kyrgyzstan, and Tajikistan benefited from the sharp rise in global gold prices.

Under the new IMF forecast, Uzbekistan’s GDP growth is expected to slightly ease to 5.8% in 2026 (compared to the October 2024 forecast of 5.7% for both 2025 and 2026).

A persistent feature of Uzbekistan’s economy remains its relatively high inflation, driven by rising fuel and electricity prices. In response, the Central Bank of Uzbekistan continues to pursue a cautious monetary policy and has refrained from lowering interest rates.