Usbekistan

Uzbekistan’s economy grew strongly by 7.7% in 2025, supported by robust private consumption and investment, with solid—though slightly slower—growth expected in 2026. Inflation continues to decline, while fiscal and external balances have improved, public debt remains low, and international reserves are at record levels. Although exports remain volatile due to irregular gold shipments, the economy has shown resilience, with only limited exposure to the Iran conflict. At the same time, labour migration to Germany offers significant long-term potential, provided existing bottlenecks are addressed.