Publication: Uzbekistan Country Economic Memorandum: Fostering Private Sector Led Growth and Global Integration
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Date
2025-05-23
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Published
2025-05-23
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Abstract
Uzbekistan’s economic story over the past seven years is a captivating one of transition and reform; however, the country is not yet enjoying the full economic returns from these efforts. This report shows how to spur faster growth by improving the functioning of domestic markets and their integration into international markets. At its core, Uzbekistan’s economic success needs to have a vital, dynamic, and growing private sector that creates jobs and forges new economic opportunities. Two conditions are essential for this private sector development. Firstly, integration of domestic markets results when government policies and interventions in factor markets, product markets, and public infrastructure are considered crucial for this integration. Such policies determine a firm’s production choices - what, how, and where to produce, and the distribution of goods within the country. These government actions should be carefully designed to facilitate the efficient allocation of resources across firms and sectors, and the flow of goods nationwide. Secondly, integration with external markets comes when trade barriers are lowered and costs minimized so that domestic firms can derive multiple benefits from this greater external market access. Newly opened export markets can offer huge potential to expand while lowering costs through economies of scale. Access to a broader range of low-cost, quality inputs can enable higher value and more competitive firms to operate, while competition from abroad will further boost the forces of private sector dynamism and innovation.
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“World Bank. 2025. Uzbekistan Country Economic Memorandum: Fostering Private Sector Led Growth and Global Integration. © World Bank. http://hdl.handle.net/10986/43237 License: CC BY-NC 3.0 IGO.”