Tashkent, Uzbekistan (UzDaily.com) —  Uzbekistan aims to boost its gross domestic product (GDP) to US$200 billion by 2030. This was announced on 17 October by Ilkhom Norkulov, the First Deputy Minister of Economy and Finance, in an interview with the Oʻzbekiston 24 television channel.

During a meeting chaired by President Shavkat Mirziyoyev, the expected economic outcomes for the current year and key macroeconomic indicators for 2025 were discussed.

Norkulov noted that, according to the country’s analysis, Uzbekistan can achieve the targeted GDP level of US$200 billion instead of the previously projected US$160 billion. He also added that the forecasted GDP per capita is expected to exceed US$5,000, compared to the earlier expectation of US$4,000.

"There are all the possibilities for this. We are building a new economy, focusing on quality rather than volume. The President has repeatedly emphasized the need to increase added value and the share of value-added products," Norkulov stated.

By the end of 2024, the economy of Uzbekistan is expected to grow to US$111 billion from the current US$100 billion.

According to him, the year 2025 has been declared the year of savings and stability in the formation of the state budget. The President has tasked the government with reducing the budget deficit below 3% of GDP, which will also be a priority for the ministry.

Inflation is planned to be kept at 7% in 2025, with subsequent reductions to 5-6% in 2026 and to 5% or lower by 2027.

By 2030, Uzbekistan aims to raise its sovereign credit rating to investment grade (BBB and above), he noted.

In major industrial sectors such as copper production, gold, and metal processing, there are significant opportunities for localization. Similar potential exists in other areas. In this regard, the head of state has instructed to develop a corresponding new program, present it to parliament for discussion, and adopt it.

Deputy Minister of Economy and Finance Akhadbek Khaydarov emphasized that the key tasks for 2025 will be budget savings and stability. He highlighted that the efficiency of budget spending will be one of the criteria for evaluating the performance of state agency leaders. Next year, the rates for major taxes will remain unchanged, which is expected to enhance economic attractiveness for entrepreneurs and investors.

It is anticipated that 52% of the state budget expenditures will be directed towards social needs, with 46 trillion soums allocated for poverty reduction initiatives.