aTashkent: The past decade has witnessed a significant transformation in Uzbekistan, marking a shift from a closed, state-controlled economic model to a more open and integrated system. Since Shavkat Mirziyoyev assumed the presidency in 2016, Uzbekistan has embarked on a comprehensive reform journey that spans economic, administrative, and social facets.
According to Union of OIC News Agencies, these reforms have brought about a fundamental change in the country’s economic structure, attracting substantial capital inflows. Real GDP growth averaged approximately 5.7% annually from 2018 to 2023, with the economy experiencing a 7.7% growth in 2025 alone. The transformation is underscored by Uzbekistan’s gradual opening to global markets, increased foreign investment, and the privatization of state-owned enterprises.
In 2026, Uzbekistan made headlines with its first major international IPO on the London Stock Exchange, raising over $690 million. Reforms have improved the business environment, with tax reforms
and deregulation simplifying business operations. The agricultural sector also saw a shift, with the state reducing its dominant role, leading to a more liberalized market and the elimination of forced and child labor in the cotton industry.
Social policy has become a key focus, linking economic growth with poverty reduction and job creation. The national poverty rate has seen a significant decline, dropping from 17% in 2021 to 5.8% in 2025. The government aims to further reduce poverty and unemployment rates to 4.5% by 2026.
The foreign policy shift towards openness and pragmatism has improved relations with neighboring Central Asian countries, enhancing trade and cooperation. Uzbekistan’s tourism sector has also benefited, with revenues reaching $1.3 billion in 2019, more than double the 2017 figures.
Despite the progress, challenges remain. The World Bank and International Monetary Fund highlight the need for continued reform, particularly in reducing the state’s economic footprint and promoting private
enterprise. The next phase of reforms, outlined in the Uzbekistan 2030 strategy, focuses on enhancing productivity, technological development, and deeper global integration.
Uzbekistan’s journey over the past decade reflects a broader attempt to reshape the relationship between the state, economy, and society, transitioning from state control to a market-oriented model. The coming years will test whether these reforms can lead to sustained economic growth and a new development model by 2030.