Tashkent ( WNAM MONITORING): Uzbekistan’s economy is expected to post one of the highest growth rates among CIS countries over the next three years, outperforming regional averages and maintaining resilience to external shocks. This is stated in the UN report World Economic Situation and Prospects 2026 (WESP 2026).
According to UN estimates, Uzbekistan’s gross domestic product grew by 7.3% in 2025, one of the strongest results in the region. Robust growth was driven by strong domestic demand, rising real household incomes, and large-scale public investment in infrastructure, including joint projects with China. Economic growth is projected to slow to 6.0% in 2026 and to 5.9% in 2027, while remaining well above the CIS average.
Positive trends are also noted in price stability. Inflation stood at 9.0% in 2025, after which a gradual decline began. UN forecasts suggest that consumer price growth will slow to 7.1% in 2026 and fall further to 5.8% by 2027. The easing of inflation is attributed to the stabilization of global food and energy prices, as well as the country’s monetary policy aimed at containing excessive inflationary pressures.
At the same time, analysts point to a number of medium-term vulnerabilities. Uzbekistan’s economy remains sensitive to fluctuations in global gold prices, as gold continues to be the country’s key export commodity. Additional risk factors in 2026–2027 include logistical constraints typical of landlocked countries and the high dependence of the agricultural sector on extreme weather conditions.
Nevertheless, against the backdrop of a projected slowdown in average CIS economic growth to 2.2% in 2026, Uzbekistan retains its position as one of the region’s economic drivers. The report emphasizes that future performance will largely depend on the effectiveness of structural reforms aimed at boosting labor productivity, developing the digital economy, and deepening institutional transformation, which would help offset the gradual decline in transit trade revenues across the region.
