Uzbekistan Unveils Ambitious Economic Vision for 2025

Uzbekistan aims to foster economic growth, setting its sights on a robust $120 billion Gross Domestic Product (GDP) by 2025, The Caspian Post reports citing Trend.

The announcement comes following a video conference call and dialogue with businesspeople chaired by Uzbekistan's president.

The nation has also set its sights on cranking up exports to a whopping $30 billion and ramping up investments to more than $42 billion. Furthermore, the aim is to whip up 5 million new jobs and pull 1.5 million people out of the poverty pit.

Moreover, the ranks of individual income tax payers in the private sector swelled by 365,000 this year. The next step is to set the stage for boosting the income.

In the meantime, the Central Bank of Uzbekistan (CBU) is betting that the country’s real gross domestic product (GDP) will hit the sweet spot of 6.0-6.5 percent in 2024.The forecasted real GDP growth is riding the wave of favorable economic currents.

Simultaneously, the uptick in cross-border remittances compared to last year is putting a little extra jingle in household pockets. With wages on the upswing and real incomes taking a turn for the better, consumer activity is hitting the ground running. The bustling growth in services and retail trade shows that consumer demand is alive and kicking.