Tashkent, Uzbekistan (UzDaily.com) — A meeting chaired by President Shavkat Mirziyoyev was held to discuss the expected economic results for this year and key macroeconomic indicators for 2025.

Despite challenging global conditions, Uzbekistan’s economy grew by 6.6% over the past nine months, with industrial growth reaching 7%. By the end of the year, the economy is expected to grow by at least 6%. For the first time, the country’s foreign exchange reserves have surpassed $40 billion, and citizens’ deposits in the national currency have increased by 50%.

International credit rating agencies have positively assessed Uzbekistan’s economic stability. Increased investor confidence has led to the issuance of Eurobonds worth $4 billion.

This year, the share of investments in GDP exceeded 33%, and exports are projected to grow by nearly 19%. The International Monetary Fund, the World Bank, and the Asian Development Bank confirm that Uzbekistan’s active investment policies and reforms will contribute to sustainable economic growth.

However, it was emphasized that the share of high-value-added products in industry and exports must increase, given rising global competition and fluctuating commodity prices. In this regard, officials were tasked with developing a three-year program to extend value chains and improve labor productivity across industries.

Key economic and investment tasks were also discussed. It was noted that while maintaining core tax rates, the only way to increase budget revenues is to improve tax administration, focusing on digitalization, the use of artificial intelligence, and the legalization of the shadow economy without interfering in business operations.

Special attention was paid to the effective use of concessional funds from international financial organizations and other partners. Economic plans for 2025 were reviewed, highlighting that all conditions exist for continued GDP growth next year. This will require timely implementation of planned projects and the development of transport, logistics, IT, agriculture, and financial services.

Instructions were given to assess the effectiveness of tax incentives and reduce the shadow economy. In 2025, 78 districts will transition to self-financing for budget expenditures. Local budgets will retain land, property, and turnover taxes, as well as 50% of personal income taxes.

In line with social state principles, funding for education and healthcare will increase by 20%. Based on discussions at the meeting, key directions for the 2025 state budget project were identified. In accordance with legislation, this project and related measures will be discussed in local councils and submitted to the Legislative Chamber of the Oliy Majlis.