Home » News » Uzbekistan's economy is open for investors

Uzbekistan's economy is open for investors

Uzbekistan’s economic freedom score is 57.2, making its economy the 114th freest in the 2020 Index. Its overall score has increased by 3.9 points due to higher scores for investment freedom, financial freedom, and property rights. Uzbekistan is ranked 26th among 42 countries in the Asia–Pacific region, and its overall score is well below the regional and world averages.

The COVID-19 crisis has almost entirely extinguished GDP growth in 2020. To mitigate the economic, social, and health consequences of the pandemic, the Government has been taking anti-crisis policy measures.

These measures have focused on containing the virus, protecting lives and livelihoods, and keeping the reforms on track. Government efforts to mitigate the economic impact of the pandemic include sizable additional spending on health care and social assistance and financial support to firms. International financial support, including from the World Bank, the International Monetary Fund, the Asian Development Bank, and bilateral donors, is expected to cover the financing needs stemming from the crisis.

The relevant state agencies are currently drafting Poverty Reduction and Employment Strategies that will define further measures the Government will take until 2030 to protect the most vulnerable.

Persistent COVID-19 disruptions at the local and international levels have tempered prospects for a quick recovery in 2021. Nevertheless, Uzbekistan’s outlook remains positive as reforms continue to shift the economy toward greater resource efficiency and private sector growth.

In 2021, Uzbekistan’s economy will grow by 4.5% due to the recovery of exports and domestic demand, the European Bank for Reconstruction and Development (EBRD) said in a report.

“Economic growth in Uzbekistan slowed to 0.2% year-on-year in the first half of 2020, remaining positive mainly due to growth in agriculture and construction (2.8% and 7.3% year-on-year, respectively),” - notes the bank.

By Sher Karimov

author avatar
The Liberum
The Liberum
The Liberum runs on your donation. Fight with us for a free society.
Donation Form (#6)

One comment on “Uzbekistan's economy is open for investors”

  1. yes, first of all, Uzbekistan liberalized the currency regime, which led to the unification of the exchange rate to replace the previously existing
    several exchange rates for various reasons

More articles you might like

- by Adriana Lebbos on 18/04/2024

It is Now or Never

Perched on the abductor machine, wishing I had not left my mobile phone in the […]

Defying Putin, Belarus’ Lukashenko does Not want to Attack Ukraine

Russia and Belarus might be allies, but that does not mean their leaders, Vladimir Putin […]

Richard Dawkins is right: For an atheist and secularist, Islam criticism is far more urgent

Who would have ever thought of that? Richard Dawkins, evolutionary biologist and the world’s most […]

Are the BRICS Countries Contradictio in Terminis?

The BRICS collective has drawn scrutiny from those familiar with Agenda 2030, a United Nations […]

Master your Emotional Intelligence

You could be a well-liked manager in your organization, but you are starting to feel […]

A touch of Dubai’s Glitter and Glamour hits Rotterdam

The Dutch harbor city of Rotterdam got a touch of Dubai's glitter and glamour last […]