Tashkent, Uzbekistan (UzDaily.com) —  The economy of Uzbekistan could reach US$200 billion by 2030, provided the country continues its reforms and the government operates effectively. This was stated by President Shavkat Mirziyoyev on November 20 during his speech in the Legislative Chamber of the Oliy Majlis, where he presented the key government tasks for the next five years.

The President instructed the Government of Uzbekistan to maintain an annual economic growth rate of 6-7% and to achieve a sustainable reduction in inflation to 5-6%.

A target was also set for the budget deficit, which should not exceed 3% of government expenditures.

An important task for the government will be to increase export volumes to US$45 billion, including joining the World Trade Organization (WTO) and raising the share of finished products in exports to 50%.

Shavkat Mirziyoyev emphasized the importance of combating the shadow economy, noting that one of the priorities for the new government will be to increase the share of cashless payments to 60% by 2025.

The President also pointed out that at the beginning of the implementation of the "Uzbekistan-2030" Strategy, many doubted the achievability of its goals. However, Uzbekistan has significantly increased its GDP, which in 2024 is expected to reach US$110 billion, compared to US$90 billion in 2023.