Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth

Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth
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The positive impacts of these reforms are already visible and measurable. 
The reforms are reflected in the country’s improved Doing Business ranking, 
which rose from 87th in 2016 to 69th in 2020. Uzbekistan’s ratings improved 
in almost all categories, especially “getting electricity,” “protecting minority 
investors,” and “paying taxes” (Table 1.1). There is thus a marked improvement 
in the investment climate. 
Table 1.1: Ease of Doing Business Rankings, Uzbekistan, 2016 and 2020
Category
Doing Business Rank
2016
2020
Ease of doing business rank
87
69
Starting a business
42
8
Dealing with construction permits
151
132
Getting electricity
112
36
Registering property
87
72
Getting credit
42
67
Protecting minority investors
88
37
Paying taxes
115
69
Trading across borders
159
152
Enforcing contracts
32
22
Resolving insolvency
75
100
Note: Rank 1 is the highest, 190 is the lowest.
Source: World Bank (2020).
Trading activity increased significantly. One year after the exchange rate 
unification, exports expanded by 23%, with food exports rising 45%. Imports 
rose even faster, by 40%. On the finance front, exchange rate liberalization 
promoted loan agreements with the European Bank for Reconstruction and 
Development and several German banks worth more than $1 billion; the loans 
are aimed at supporting infrastructure and small business projects (Tsereteli 
2018). Anecdotally, economic activity also increased substantially in the 
nontradable sector, with the emergence of numerous restaurants and shops 
in Tashkent, for example. 
Despite the significant recent reform efforts, there is room for more dynamic 
structural reforms such as privatizing state-owned enterprises, curtailing 
monopolistic practices, or further liberalizing domestic prices, particularly in 
the energy sector. Section 1.7 will return to these issues. 

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