Uzbekistan could join the upper-middle-income countries group before 2030, announced the Deputy PM/Minister of Economy and Finance Jamshid Kuchkarov at the 3rd International Roundtable on Public-Private Partnerships (PPP) Tuesday.
According to him, GDP growth in 2025 will be above 7%.
He emphasized that the government aimed to achieve more ambitious macroeconomic targets by 2030.
"By 2030, we aim over $200 billion GDP, and GDP per capita to above $5,000. In this case, Uzbekistan is moving toward achieving upper-middle-income status earlier than previously projected, primarily due to reforms and increased productivity," he said.
The Deputy PM also reported that inflation in the country was declining and remains under control. In September, annual price growth slowed to 8%.
Inflation is expected to be around 8% before the year-end and 7% in 2026.
Speaking about fiscal policy, Kuchkarov emphasized that the government will adhere to the principles of budget discipline and sustainability.
"Our fiscal strategy emphasizes discipline, efficiency, and sustainability to support inclusive growth and economic resilience," he stated.
The World Bank classifies countries into four income groups based on their GDP per capita as: low (up to $1,145), lower middle (from $1,146 to $4,515), upper middle (from $4,516 to $14,005), and high (above $14,005 in 2023 prices).
