Will we become a $300 billion economy by 2030?
President Shavkat Mirziyoyev announced a new economic growth target for 2030 in his Independence Day speech: a GDP of $300 billion. Economist Mirkomil Kholboyev said that this is not far from the forecasts of international organizations. To achieve the target, it will be necessary to maintain the growth rates of the post-pandemic period.
Can we achieve a $300 billion economy by 2030?
According to the newly set goals, our country's economy is expected to reach $300 billion in 2030, not the previously planned $240 billion. According to the forecasts of the International Monetary Fund (IMF), the economy of Uzbekistan is predicted to reach $273.4 billion in 2030 and $301 billion in 2031. During this period, that is, in 2026-2031, the average annual nominal growth of our economy in dollars will be 12.7 percent. While the IMF expects our economy to expand by 23.4 percent in 2026, growth is projected to stabilize around 10 percent in the following years.
It is worth noting that the new goal of bringing the economy to $300 billion by 2030 is not far from the forecasts of such authoritative international organizations as the IMF.
In 2025, the nominal growth of our economy amounted to 21.1 percent. In the first half of this year, the growth of nominal GDP in dollars accelerated to 26.8 percent. In this case, one of the factors accelerating growth was the acceleration of real economic growth by 1.3 percentage points, while the average exchange rate of the soum...