Uzbekistan's economy will maintain high growth rates in 2025 despite external challenges, the Deputy Prime Minister/Minister of Economy and Finance Jamshid Kuchkarov said in his remarks at the Investor Day in Tashkent today.

The event was organized by the investment company Franklin Templeton, which manages the Uzbekistan National Investment Fund.

In the first year-half, the Uzbek economy grew by 7.2%. According to Jamshid Kuchkarov, growth is projected at approximately 7% at the end of the year (higher than the initial forecast of 6%), with GDP per capita expected at over $3,500 ($3,093 in 2024).

The Deputy PM reported that fiscal consolidation (optimization of public finances) was proceeding as planned and was in line with the country's medium-term budget goals.

"The consolidated budget deficit at the end of the year will be the target 3% of GDP. Our fiscal strategy is based on the principles of discipline, efficiency, and sustainability to support inclusive growth and economic resilience," he noted.

Kuchkarov assured that the government's external debt was at a manageable and sustainable level.

"According to the latest IMF debt sustainability analysis, the risk of the overall debt burden and external debt risk are assessed as low. Public debt indicators remain significantly below critical thresholds, even under stress scenarios," he said.

He also commented on the inflation rate, taking into account tariff increases in the energy sector.

"Inflation is under control, despite the liberalization of energy tariffs, which was undertaken in early May of this year. In September, inflation slowed to 8%. We expect it to remain at this level by the end of the year, and the target for next year is below 7%," he concluded.