In 2024, Uzbekistan achieved a significant milestone in its economic journey, with the volume of exports reaching an impressive $27 billion. This was announced during a meeting of the Legislative Chamber of the Oliy Majlis, where the Cabinet of Ministers presented the report on the implementation of the “Uzbekistan – 2030” strategy within the framework of the “Year of Supporting Youth and Business.”

Key Highlights:

• State Budget Revenues: 274.4 trillion soums, an 18.4% year-on-year increase.
• Inflation Rate: 9.8% annual inflation.
• Foreign Investments: Increased by 1.6% compared to the previous year.
• Export Volume: Surpassed $27 billion for the first time.

Kochkarov, a key official, highlighted that state budget revenues surged to 274.4 trillion soums, marking an 18.4% increase year-on-year. Despite a challenging global economic environment, the annual inflation rate stood at 9.8%. Foreign investment also saw a 1.6% uptick, demonstrating growing confidence in Uzbekistan’s economic prospects. Notably, investments in sectors such as mining, oil and gas, chemicals, and agriculture have doubled, reflecting the nation’s economic diversification efforts.

Sectoral Investment Growth:

• Mining, Oil and Gas, Chemical, and Agricultural Sectors: Investments in these sectors have doubled.

In the realm of education, the government took steps to modernize and expand access, with 76% of children now covered by pre-school education. Additionally, 115 non-governmental general secondary education institutions were established, and a project to build 91 student residences in higher education institutions was successfully implemented, further boosting the sector’s capacity to cater to an increasing number of students.

Education Sector Advancements:

• Pre-School Education: 76% of children covered.
• Non-Governmental Secondary Education Institutions: 115 new establishments.
• Student Residences: 91 new residences built across higher education institutions.

The country’s healthcare initiatives were equally impressive. More than 10 million individuals aged 40 and above, along with 8.16 million children, underwent mass screenings. Women’s rights and empowerment also took center stage, with 3.3 trillion soums allocated to provide credit to 197,700 women, while employment for 548,800 women was secured.

Healthcare and Women’s Empowerment:

• Mass Screenings: Over 10 million people aged 40+ and 8.16 million children.
• Credit Allocation to Women: 3.3 trillion soums for 197,700 women.
• Women’s Employment: 548,800 women employed.

In the environmental sphere, the “Yashil Makon” national project made strides in green initiatives, with 225.9 million trees and shrubs planted across the country and the number of green parks rising to 444.

Environmental Initiatives:

• Tree and Shrub Planting: 225.9 million trees and shrubs planted.
• Green Parks: The number increased to 444.

Following discussions, the Cabinet of Ministers’ report was approved, with the government adopting measures to further enhance the effectiveness of its operations, ensuring greater economic resilience.

Earlier forecasts had predicted that Uzbekistan’s GDP would reach $115 billion in 2024, a notable jump from the previous year’s figures. The national statistics agency further reported that the country’s population grew to 37.5 million by the end of 2024, with GDP per capita expected to surpass $3,000.

Key Economic Forecasts:

• 2024 GDP: Estimated at $115 billion.
• Population Growth: Reached 37.5 million by the end of 2024.
• GDP per Capita: Expected to exceed $3,000.

Economic growth for 2024 was projected at 5.6-5.8%, with GDP reaching an estimated 1.3 quadrillion soums. This follows a solid 6% growth in 2023, with Uzbekistan’s GDP rising to $90.9 billion and GDP per capita standing at $2,500 at that time.

2024 Economic Growth Projections:

• Growth Rate: 5.6-5.8%.
• Projected GDP: 1.3 quadrillion soums.
• 2023 GDP Growth: 6%, with a total GDP of $90.9 billion.

As Uzbekistan moves forward with its long-term goals, these figures underscore the success of its strategic focus on youth, business, and sustainable development in 2024.