Mirziyoyev Says Uzbekistan Needs 9–10% Annual Growth

Tashkent, Uzbekistan (UzDaily.uz) — President of Uzbekistan Shavkat Mirziyoyev said that despite Uzbekistan's economy expanding by 8.5% in the first half of 2026, the country needs to achieve sustained annual economic growth of 9–10% to significantly improve living standards.

The president made the remarks on 21 July during a videoconference meeting reviewing the country's socio-economic performance in the first half of the year and priorities through the end of 2026.

According to Mirziyoyev, industrial output increased by 8% in the first six months of the year, services expanded by 16.9%, construction grew by 13.8% and agriculture by 4.7%.

Investment reached US$28 billion, while exports of goods and services totaled US$14.4 billion.

Mirziyoyev also noted that Uzbekistan's sovereign credit ratings had been upgraded by the international rating agencies Fitch Ratings and Moody's, describing the upgrades as a result of the country's economic reforms.

The president said ministers, heads of government agencies and regional authorities should not simply report on completed work but present concrete proposals for using domestic reserves and achieving additional results by the end of the year.

He added that amid changing global economic conditions, every manager should prepare several development scenarios and be ready for different outcomes.

The meeting also included a critical review of regional and sectoral performance in the first half of the year. It was noted that some regions had not fully utilized opportunities to increase gross regional product, attract investment and develop the construction sector.

The president said the government continues to increase funding for programmes supporting entrepreneurship and the development of social infrastructure in the regions, particularly amid ongoing global economic uncertainty.

At the same time, Mirziyoyev said that if the work of a minister, governor or sector head does not improve people's quality of life or create better conditions for businesses, statistical indicators remain only "figures on paper."

He added that officials who systematically fail to meet monthly, quarterly or annual targets should not expect to remain in office.

Earlier, the Ministry of Economy and Finance revised its 2026 economic growth forecast for Uzbekistan upward from 6.6% to 8.1%. Under the updated forecast, the country's gross domestic product could reach about US$180 billion, inflation is projected at 6.5%, consolidated budget revenues are expected to increase by 14.3%, and expenditures by 12.5%.