World Bank Document

EXECUTIVE SUMMARY 

 

Country Context 

 

i. 

Uzbekistan’s economy grew rapidly over the last decade and lifted significant parts of the 

population out of poverty. Today the challenging external environment suggests that Uzbekistan 

will need to find new drivers for economic growth in the future.  Increased exports of gas, gold, 

and other minerals combined with high commodity prices generated revenues that financed large 

increases in investment and salary increases to bolster consumption. However, gas and mineral 

export volumes will likely plateau and commodity prices are not expected to return to the levels 

of the past decade soon. Uzbekistan’s reform agenda need to offset the downside risks and put the 

economy on a more sustainable path of income growth and job creation.