Republic of Uzbekistan: 2026 Article IV Consultation-Press Release; and Staff Report

The 2026 Article IV Consultation highlights that Uzbekistan’s economy has continued to perform strongly, with robust economic growth, gradually moderating inflation, improving fiscal and external balances, and ample international reserves. The outlook remains positive. Reducing the state’s footprint and strengthening market institutions remain key to lifting productivity and private‑sector dynamism. Downside risks include a deterioration in global conditions and potential overheating pressures, while faster reform implementation provides upside. Policy priorities are to contain demand pressures, safeguard macro-financial stability, and accelerate reforms that strengthen the economy’s productive capacity and foster private sector-led, sustainable growth. Better integration of climate considerations into public investment planning would improve energy efficiency and resilience while supporting decarbonization objectives. Data are broadly adequate for surveillance, but further improvements are needed. Applying institutional sectorization consistently across macroeconomic datasets, producing quarterly gross domestic product, and aligning financial soundness indicators with international standards would strengthen policy analysis and transparency. The authorities’ strong commitment to statistical modernization, supported by continued capacity development, is encouraging.