President Shavkat Mirziyoyev chaired a meeting to discuss expected economic results for the current year and key macroeconomic indicators for 2025.

Despite the difficult world situation, Uzbekistan’s economy has grown by 6.6 percent and industry by 7 percent due to the use of internal opportunities over the past nine months.

Growth is expected to be at least 6 percent by the end of the year. Gold and foreign exchange reserves exceeded $40 billion for the first time this year. Population deposits in national currency increased by 50 percent.

Reputable international rating agencies also positively assess Uzbekistan’s rating stability. Thanks to the growing confidence of foreign investors, Eurobonds worth $4 billion were placed on the world market.

As a result, the share of investments in GDP will exceed 33 percent this year. Exports are expected to grow by almost 19 percent. 

In general, the International Monetary Fund, the World Bank, and the Asian Development Bank confirm that Uzbekistan will continue to enjoy sustainable economic growth thanks to an active investment policy and reforms.

At the same time, the need to increase the share of high-value-added products in industry and exports in the context of increased competition in world markets and volatility in raw material prices was emphasized. In this regard, the responsible persons were tasked with developing a three-year program to extend the value chain and increase labor productivity in each industry.

The main tasks in economics and investment were discussed at the meeting.

It was noted that while maintaining the main tax rates, the only way to increase budget revenues is to improve tax administration.

The Head of state emphasized that this should not happen by interfering in entrepreneurs’ activities but through digitalization, the introduction of artificial intelligence technologies, and the legalization of the shadow economy.

Particular attention was paid to the effectiveness of attracting preferential funds from international financial organizations and other partners.

The economic plans for 2025 were also considered at the meeting.

It was noted that there are all the opportunities to maintain the gross domestic product growth next year. This requires the timely launch of planned projects, the development of transport and logistics, information technology, agricultural and financial services.

Instructions were given to consider the effectiveness of benefits and reduce the shadow economy.

Due to the opportunities created, 78 districts will be transferred to self-financing of budget expenditures next year. To this end, land tax, property tax, and turnover tax in full, as well as 50 percent of income tax, will remain in local budgets.

Based on the principle of a social state, it is envisaged to increase funds allocated for education and healthcare by 20 percent.

The main directions of the draft state budget for 2025 were determined based on the opinions expressed at the meeting. 

In accordance with the legislation, this draft and measures to ensure its implementation will be discussed in local Councils and submitted to the Legislative Chamber of the Oliy Majlis.

UzA