Uzbekistan may become an upper-middle-income country before 2030

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has a chance to join the group of upper-middle-income countries before 2030, Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov said at the opening of the 3rd PPP Roundtable on 18 November.

According to him, under the leadership of President Shavkat Mirziyoyev, the country continues to pursue “irreversible reforms” aimed at ensuring long-term economic growth and macroeconomic stability.

It is projected that by the end of 2025, economic growth will exceed 7%, with GDP reaching more than US$140 billion, providing per capita GDP of US$3,700.

By 2030, the government plans to increase GDP to US$200 billion and raise per capita income to US$5,000, which will allow Uzbekistan to attain upper-middle-income status significantly earlier than previously forecast. Kuchkarov emphasized that reforms and productivity growth will be the key drivers of this progress.

The deputy prime minister also noted a slowdown in inflation — the September figure stood at 8%, and by year-end it is expected to fall below that level. In 2026, inflation is projected to drop to below 7%.

In addition, Uzbekistan is gaining recognition from major international rating agencies: Fitch Ratings upgraded the country’s sovereign rating from “BB-” to “BB”, while S&P and Moody’s revised their outlooks to “positive”.

According to Kuchkarov, this marks historic confirmation of the country’s growing credibility in global financial markets.