Source: International Monetary Fund
Summary
Uzbekistan has made significant progress in its transition to a market economy since 2017, achieving advancements in macroeconomic stabilization, trade and exchange rate liberalization, price liberalization, and small-scale privatization. Despite these successes, challenges remain in reforming and privatizing large state-owned enterprises and banks and fostering a competitive market environment with easy market entry and exit. Future reforms should focus on entrenching macroeconomic stability, completing trade and price liberalization, hardening budget constraints for state-owned enterprises and banks, enhancing their corporate governance, accelerating privatization, and redefining the state’s role to support private sector development.
Subject: Balance of payments, Capital account liberalization, Competition, Economic sectors, Financial markets, Financial regulation and supervision, Financial Sector, Financial sector reform, Fiscal policy, Fiscal stabilization, International trade, Privatization, Public enterprises, Tariffs, Taxes, Trade liberalization
Keywords: Capital account liberalization, Competition, Economic recession, Financial sector, Financial sector reform, Fiscal stabilization, Foreign exchange, Pace of Economic Reforms, Privatization, Privatization, Public enterprises, Sequencing of Economic Reforms, Tariffs, Trade liberalization, Transition Economics, Uzbekistan