Economic Growth in Uzbekistan: Key Drivers, Structural Constraints, and Policy Priorities for Sustainable Development

This working paper examines the recent performance, key drivers, structural constraints, and policy priorities of economic growth in Uzbekistan. It argues that Uzbekistan has maintained strong growth momentum in recent years, supported by investment activity, domestic demand, remittance inflows, infrastructure development, and ongoing market-oriented reforms. At the same time, the sustainability of growth depends on the country’s ability to shift from investment- and demand-driven expansion toward productivity-led, private-sector-based, export-diversified, and institutionally supported development. The paper adopts a conceptual and policy-oriented approach rather than a formal econometric model. It identifies major growth drivers, discusses structural constraints such as productivity gaps, state dominance, export concentration, employment challenges, macroeconomic risks, and environmental pressures, and proposes policy priorities for sustainable and inclusive growth.

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