10-07-202656
Amid current global economic turbulences, geopolitical shifts, and transformations in external markets, ensuring stable and high-rate development of the national economy is one of the priority objectives facing every state. In particular, for developing countries, economic growth is assessed not only by quantitative indicators, but also by its qualitative dimensions — efficiency, competitiveness, innovativeness, and the creation of high added value.
In particular, the reforms being carried out in Uzbekistan, the openness of investment policy, and the measures aimed at improving the business environment are serving to shape a new model of economic growth. The tasks defined at the videoconference chaired by President of the Republic of Uzbekistan Shavkat Mirziyoyev once again placed this very objective — the necessity of advancing high economic growth rates to a new stage — on the current agenda.
Examining macroeconomic outcomes, the gross domestic product grew by 7.7 percent in 2025, surpassing 147 billion dollars. The fact that more than half of economic growth was generated by the services sector indicates a deepening structural diversification of the economy. This demonstrates that alongside industry and the agrarian sector, the services sector is becoming a driver of growth.
The increase in average income per hectare in agriculture from 4,500 to 5,000 dollars, and a 4.7 percent rise in labour productivity, confirm that reforms aimed at improving efficiency in the agrarian sector are yielding results. This process is directly related to the rational use of land resources, the introduction of intensive technologies, and the enhancement of the market competitiveness of agricultural products.
One of the important factors determining the quality of economic growth is energy efficiency. The 15 percent reduction in energy costs per dollar of added value created within a single year signifies an increasing number of high added value projects, technological renewal, and the widespread introduction of energy-saving equipment. This creates a solid foundation for the sustainable and competitive development of the national economy.
Achieving 6.6 percent economic growth in 2026 and bringing GDP to 167 billion dollars was identified as a principal objective. Against the backdrop of geopolitical instability and external economic turbulences, this forecast is regarded as a cautious projection. At the same time, it was emphasised that opportunities exist to achieve even higher indicators through the efficient use of resources, the opening of new export markets, digitalisation, and the introduction of artificial intelligence technologies. This reflects a strategic approach aimed at forming new drivers of economic growth.
Furthermore, improving the efficiency of strategic enterprises was identified among the priority tasks. According to the analysis of Franklin Templeton, significant reserves exist in the areas of logistics, corporate culture, digitalisation, and energy efficiency. At the same time, setting the task of reducing production costs by 10–15 percent at 19 strategic enterprises constitutes a systemic measure directed at increasing industrial competitiveness. It was specifically emphasised that savings must be achieved not through a reduction in production volumes, but through improvements in efficiency. This reinforces the principle of 'low costs — high added value'.
Additionally, bringing strategic enterprises under the 'Unified Treasury' information system and classifying public procurement on the basis of risk analysis serve to strengthen budgetary discipline. Increasing the share of domestic products in public procurement is also viewed as an important mechanism for stimulating domestic production.
Disparities in regional industrial development were also subject to critical analysis. Although the republic's industry grew by 21 percent over the past three years, in some districts this indicator did not even reach 10 percent. This circumstance demonstrates that the growth of credit resources and investments is not exerting a proportional influence on industrial growth, and that systemic problems exist in management and project effectiveness. For this reason, approving sectoral and regional plans for increasing industry by at least 8.5 percent represents an important stage in introducing a targeted management model.
In the automotive industry, four major enterprises with a combined capacity of 650,000 units are operational; production is planned to reach 510,000 units in 2026, while the task of localising 763 new components serves to reduce import dependency and expand the value chain through increasing the level of cooperation and localisation.
The prioritisation of quality in investment policy is also noteworthy. Although a plan has been established to attract 50 billion dollars of foreign investment in 2026, it was underscored that primary attention must be focused on the market, export potential, added value, and employment created by each project. This approach serves to enhance the effectiveness of investments, prevent inefficient projects, and improve the structural quality of the economy.
The task of bringing the volume of the construction sector to 400 trillion soums and ensuring 17 percent growth, together with supporting domestic demand, creates a broad market for the building materials, metallurgy, and electrical engineering industries. It was noted that the allocation of 40 trillion soums from the budget for social and production infrastructure represents a substantial market for enterprises in construction, building materials production, metallurgy, and electrical engineering.
Measures on energy efficiency and resource conservation are an important prerequisite for economic sustainability. A plan has been set for 2026 to save 100 million cubic metres of gas and 500 million kilowatt-hours of electricity at small and medium-sized enterprises. Furthermore, through the modernisation of 917,000 lighting fixtures, there exists the opportunity to save 330 million kilowatt-hours of electricity annually. These measures contribute to reducing inflationary pressure, cutting production costs, and ensuring energy conservation.
In conclusion, the designated tasks demonstrate that the economy of Uzbekistan is transitioning to a qualitatively new stage. Henceforth, the priority directions consist of increasing efficiency, creating high added value, expanding export geography, and deepening energy conservation and digitalisation. Ensuring high economic growth rates is achieved not only through macroeconomic indicators, but through concrete results at the level of each sector and region. If the designated measures are implemented under systemic and rigorous oversight, all necessary conditions exist to advance economic growth to an even higher level in 2026 and beyond.
Iskandar UROKBAYEV Head of Department Centre for Sustainable Development