TASHKENT ( WNAM REPORT ): The Center for Economic Research and Reforms (CERR) has conducted an analysis of the Economic Complexity Index (ECI) published by the Growth Lab at Harvard University. According to the findings, Uzbekistan’s economy demonstrates steady growth, with exports increasing by an average of 20.5% annually – significantly outpacing the growth rates of other countries in the region.
The Growth Lab at Harvard University has released the latest results of its Economic Complexity Index (ECI), a ranking based on the technological sophistication and diversification of national exports.
In April this year, analysts from the Harvard Growth Lab (an interdisciplinary project at Harvard University) updated the Atlas of Economic Complexity with 2023 data, publishing a ranking of 145 global economies based on their ECI scores.
Uzbekistan has made significant progress, rising 25 positions over the past 5 years to 80th place among 145 countries. The top three countries in the ECI ranking are: Switzerland, Japan, Singapore.
Uzbekistan’s economy is showing stable growth, with average annual export growth reaching 20.5%, considerably exceeding the pace observed across other regional economies. Non-oil exports alone grew by 21.9% annually, outpacing global averages.
The primary drivers of export growth over the past five years have been semi-finished industrial goods. Among more technologically sophisticated product groups, the highest export growth rates were observed in: transport equipment – 89%, industrial machinery – 77% and electrical engineering – 59%.
Uzbekistan has added 67 new products to its export portfolio, generating $2.1 billion in export revenues, underscoring the success of the country’s diversification and competitiveness strategy. These new products brought in $59 per capita in 2023.
According to Harvard Growth Lab estimates, Uzbekistan has 162 products with demonstrated competitive advantages in global markets, highlighting the country’s growing potential in the global economy.
Economic growth forecast to 2033
Uzbekistan is projected to maintain an average annual GDP growth rate of 5.6% through 2033 – the 2nd highest in the world.
Comparative annual growth forecasts for the next decade include: Vietnam – 4.8%, Tajikistan – 4%, Kyrgyzstan – 3.9%, Georgia – 3.6%, Kazakhstan – 3.6%, Armenia – 3.3%, Bangladesh – 3%, Turkmenistan – 2.7%, Belarus – 2.4%, Azerbaijan – 2.2%, Russia – 1.1%.
Uzbekistan continues to pursue structural transformation of its economy by reallocating resources from less productive sectors such as agriculture toward higher-productivity industries, including electronics and mechanical engineering.
