As the global economy slows and growth rates weaken across CIS countries, Uzbekistan is showing a rare combination for the region—steady growth and macroeconomic predictability. This was reported by kursiv.uz. reports .
The UN’s World Economic Situation and Prospects 2026 report notes that in recent years the country has maintained growth rates above both the global average and the dynamics of many transition economies. In 2026–2027, Uzbekistan is seen as one of the key factors stabilizing economic activity in Central Asia.
The report also highlights an important structural shift in Uzbekistan: growth is increasingly driven by domestic factors. Previously, economic activity was supported by “spillover effects” from transit and re-exports amid sanctions on Russia, but as these factors weaken, Uzbekistan has sustained high rates thanks to domestic demand, major infrastructure investment, expanding tourism, and favorable conditions in the gold market.
According to the UN, this mix strengthens a growth model that is formed “from within” and is less vulnerable to external volatility. In recent years, domestic consumption and internal market activity have increasingly become the backbone of economic growth.
There is also a positive signal on inflation. While Uzbekistan used to be cited among countries with double-digit inflation, the UN says the peak of price pressures is now behind. Inflation is expected to decline further in 2026–2027, though it may still remain higher than in advanced economies. This is influenced by factors typical of an active growth phase—rising incomes, expanding consumption, and investment pressure amid structural reforms.
The report also stresses that the regional context is changing: the UN notes that Russia’s role as an economic “anchor” for CIS countries is diminishing. While some economies remain sensitive to a slowdown in Russia, Uzbekistan stands out for relying more on its own economic policy and domestic drivers. This reduces dependence on external shocks and strengthens the independence of the macroeconomic course.
At the same time, strong growth does not remove structural constraints. As a landlocked country, Uzbekistan faces logistics costs, dependence on commodity markets, and climate risks. Under unfavorable external conditions, these factors may limit development potential as long-term vulnerabilities.
Therefore, in the UN’s logic, future sustainable growth will directly depend on the pace of economic diversification and the effectiveness of investments in infrastructure projects.
In a regional comparison, Uzbekistan is performing “above average.” The UN assesses the country’s macroeconomic dynamics as more stable than many CIS and Central Asian economies: no sharp downturns are observed, and growth rates are maintained in the medium term.
These factors indicate that Uzbekistan’s role in Central Asia is being qualitatively renewed. In the UN’s approach, the country is increasingly seen not only as a “catch-up” economy, but also as a stable driver pushing regional growth forward.
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