Uzbekistan targets investment-grade rating and WTO entry

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan aims to secure an investment-grade credit rating and complete its accession to the World Trade Organization, Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov said on 24 August at the Silk Road Finance & Technology Forum in Tashkent.

According to Kuchkarov, Uzbekistan’s economy has expanded significantly in recent years. Average annual GDP growth stood at around 6-7%, while the size of the economy increased from about US$60 billion to US$180 billion. GDP per capita rose from approximately US$1,900 to US$4,600, after which Uzbekistan joined the group of upper-middle-income countries.

The minister also noted a decline in inflation. He said that while inflation had been in double digits several years ago, it has now fallen to single-digit levels. Inflation is expected to reach about 6.5% in 2026, while the target for next year is to reduce it to 5%.

External public debt, Kuchkarov said, remains at around 27% of GDP. The budget deficit has been kept below 3% of GDP in recent years.

Kuchkarov said the government’s economic priorities include further reducing inflation to the target level, maintaining fiscal discipline and keeping public debt at a sustainable level.

At the same time, the authorities plan to create more favorable and predictable conditions for investors and market participants.

“We will work to achieve an investment-grade credit rating, complete Uzbekistan’s accession to the World Trade Organization, further reduce the state’s presence in the economy and continue market reforms,” Kuchkarov said.

He said implementing these objectives should strengthen the role of the private sector, further integrate Uzbekistan into the global economy and expand opportunities for domestic and foreign investors.

Kuchkarov also highlighted the development of the financial system and fintech. As part of structural reforms, the government plans to build a modern, competitive and inclusive financial system integrated with the global economy.

“This should be a system in which technology reduces barriers, innovation is encouraged and trust is protected,” the minister said.

He also stressed the importance of regional and international cooperation and greater connectivity.

According to Kuchkarov, financial technologies can support economic growth by accelerating the movement and allocation of capital, expanding access to financial services for individuals and businesses, and enabling more efficient use of financial resources.