Economy of Uzbekistan
Uzbekistan has a fast-growing developing economy that is moving away from an old Soviet-style command system towards a modern market economy. It is the second largest economy in Central Asia, after Kazakhstan. Following deep economic reforms that made the local currency fully exchangeable, the country has experienced a significant surge in foreign investment. This shift brought in a record volume of foreign direct investment, heavily backed by international partners such as China, Russia, Turkey, Saudi Arabia, and the UAE. Under the administration of Islam Karimov, currency conversion capacity was restricted, imports were controlled, and Uzbekistan's borders with neighbouring Kazakhstan, Kyrgyzstan, and Tajikistan were sporadically closed. Since the election of President Shavkat Mirziyoyev, economic and social reforms have been implemented to boost growth and modernise the country. International financial institutions, including the EBRD, the Asian Development Bank, and the World Bank,...
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