ED – this is bne IntelliNews's annual Uzbekistan OUTLOOK 2026 for the upcoming year, where we make a forward-looking assessment for all of the major Global Emerging Markets in Emerging Europe, Asia, Latin America, Africa and the Middle East, drawing on insightful reporting from our bureaus around the world.

What is on the agenda? What are the prospects for economic growth and what problems lie in store in the coming year? A detailed report that covers, business, economics, finance, energy, politics and the major sectors of the most important markets. ENDS

In 2025, Uzbekistan experienced a year of dynamic political, economic, social and cultural developments. 

The country pursued a dual path of centralising executive authority while cautiously expanding political pluralism. President Shavkat Mirziyoyev’s administration advanced comprehensive governance and anti-corruption reforms, including the dismissal of compliance heads in 117 ministries and agencies, strengthened oversight of strategic sectors and the introduction of 55 new digital and institutional anti-corruption initiatives. These measures reinforced public trust, attracted foreign investment and contributed to over $120bn in investment over seven years.

Political consolidation was underscored by the appointment of Saida Mirziyoyeva as head of the presidential administration, reflecting a concentration of power within the presidential family. Simultaneously, parliamentary reforms expanded opposition rights, marking measured steps toward political pluralism.

Uzbekistan strengthened its international and regional engagement, balancing strong economic ties with China, Russia and the Gulf states while fostering relations with the EU and United States. President Mirziyoyev highlighted domestic achievements—including poverty reduction from 35% to 6.6%, expanded education, green energy projects and small business development—at the 80th UN General Assembly. Regionally, Uzbekistan resolved border disputes, advanced transport and energy corridors through Afghanistan and promoted initiatives on counter-terrorism, water management and economic integration.

A major cultural milestone was the 43rd UNESCO General Conference in Samarkand, attended by over 4,600 participants from 184 countries. The conference reinforced Uzbekistan’s international profile and commitment to multilateral cooperation, cultural preservation and technological ethics, including the launch of the UNESCO-Uzbekistan Beruni Prizes for AI research.

Economic growth accelerated in 2025, with GDP expanding 6.8–7.6% through the first three quarters, driven by industrial output, domestic consumption and sustained investment. Key sectors, including ICT, construction, trade and energy, supported continued expansion. Inflation moderated to 7.5% by November, while international reserves reached a record $61.2bn, bolstering financial stability. Trade expanded to 210 countries, with exports growing 28% year-on-year to $29.01bn, driven by gold, agricultural products and a maturing textile sector. Uzbekistan continued its transition to value-added production, particularly in textiles and advanced toward WTO accession, expected in spring 2026.

The Tashkent International Investment Forum (TIIF) and other investment initiatives confirmed Uzbekistan’s emergence as a hub for international finance, energy projects, infrastructure and tourism. Significant agreements included a $5bn resort project, renewable energy plants, SME financing initiatives and a Central Asian Direct Investment Fund.

Uzbekistan achieved historic milestones in sports and cultural nation-building. The national football team qualified for the FIFA World Cup for the first time, reflecting long-term investment in youth development and professional sports infrastructure. The near-completion of the Centre for Islamic Civilisation in Tashkent highlighted cultural preservation, education and civic engagement.

Environmental, social and governance (ESG) issues became central to policy in 2025. The government responded to acute air pollution in Tashkent, introduced stricter industrial and fuel standards, advanced waste-to-energy projects and launched water security and irrigation modernisation programmes. Social and environmental resilience initiatives extended to schools, healthcare facilities and urban greening, reinforcing sustainable development objectives.

The IT and technology sector emerged as a growth driver, with fintech, AI, e-commerce and digital banking expanding rapidly. Initiatives included open banking frameworks, AI Centres of Excellence, satellite development and international partnerships, notably supporting companies like Uzum in achieving unicorn status.

Looking ahead, Uzbekistan aims to sustain 6–7% GDP growth, reduce inflation to 5% by 2027, advance WTO integration, continue infrastructure modernisation, strengthen ESG initiatives and consolidate its position as a regional hub for culture, investment and technology.

Read the full Uzbekistan OUTLOOK 2026 report here