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Economy

Uzbekistan Revises 2024 GDP to $121.4 Billion

Uzbekistan’s gross domestic product (GDP) for 2024 has been revised upward to $121.4 billion, according to Behzod Hamroyev, Chair of the National Statistics Committee. The new figure was announced on November 17 during an international conference in Tashkent, as reported by the Statistika channel. Hamroyev explained that the revision reflects newly identified value added across key sectors of the economy. According to the final calculations, Uzbekistan’s nominal GDP for 2024 rose from 1,454.6 trillion soums to 1,535.4 trillion soums, an increase of 80.9 trillion soums, or 5.6%. In dollar terms, this marks an upward revision from the previously reported $115.0 billion to $121.4 billion. Following the recalculation, GDP per capita in 2024 reached 41.3 million soums. Hamroyev highlighted that full coverage of state budget execution led to the identification of 36.4 trillion soums in additional newly created value. Sector-specific revisions also contributed significantly: added value in industry rose by 12.7 trillion soums, agriculture by 5.6 trillion soums, construction by 10.3 trillion soums, and services by 16.3 trillion soums. Earlier this year, presidential spokesperson Sherzod Asadov reported that Uzbekistan’s GDP grew by 6.5% in 2024, reaching $115 billion before the revision. He also noted that foreign investment increased by 1.6 times to $34.9 billion, with 242 large and medium-sized projects worth $10 billion launched. National exports reached a record $27 billion.

public debt

Kazakhstan Among Countries with Lowest Debt Burden

Kazakhstan continues to maintain a low level of public debt, amounting to 24.8% of the country’s GDP, ranking it 25th globally. This figure is well below the global average and reflects a relatively low debt burden, according to an analysis by Finprom.kz based on International Monetary Fund (IMF) data. By comparison, Uzbekistan and Kyrgyzstan have higher public debt levels, at 31.1% and 37.8% of GDP, respectively. Russia (22%) and Tajikistan (23.1%) have slightly lower debt levels. Turkmenistan ranks among the top five countries globally with the lowest public debt, at just 3.9% of GDP. The IMF projects global public debt will rise to 94.7% of GDP in 2025, an increase of 2.3% year-on-year. Japan remains the country with the highest debt-to-GDP ratio at 229.6%. Other countries with high debt levels include Greece (146.7%), Bahrain (142.5%), Italy (136.8%), the Maldives (131.8%), the United States (125%), Senegal (122.9%), France (116.5%), and China (96.3%). Global public debt is expected to reach $111 trillion in 2025. The U.S. and China account for more than half of this total, with $38.3 trillion and $18.7 trillion in public debt, respectively. In absolute terms, Kazakhstan has the highest gross public debt among Central Asian countries, at $74.4 billion. It is followed by Uzbekistan ($42.8 billion), Kyrgyzstan ($7.6 billion), Tajikistan ($3.7 billion), and Turkmenistan ($2.8 billion).

Economy

American Companies Explore Investment Prospects in Tajikistan

President Emomali Rahmon’s recent visit to the U.S. has sparked renewed interest in the Tajik economy. In New York, a major investment forum showcased large-scale development projects to American companies from hydropower initiatives to green data centers. U.S.-Central Asia Engagement via C5+1 An event titled Presentation on Tajikistan’s Investment Opportunities was held at the Vista LIC Hotel in New York. It was organized by the state-owned Tajinvest enterprise with support from the State Committee for Investment of Tajikistan and the U.S., Tajikistan Business Council. The gathering marked the tenth anniversary of the C5+1 platform, a regional framework for economic cooperation between the U.S. and Central Asia. Timed to coincide with Rahmon’s official visit to Washington, the event was designed to promote Tajikistan’s economic potential to U.S. businesses. Jonibek Ismoil Hikmat, Tajikistan’s permanent representative to the United Nations, opened the event with a speech emphasizing the country’s strategic aspirations. “Today, we are creating a new Silk Road, not of caravans and goods, but of ideas, innovations, and investments,” he stated. Elena Son, Executive Director of the U.S.-Tajikistan Business Council, encouraged American firms to more actively explore the Tajik market. She shared her experience accompanying major U.S. companies to Dushanbe, affirming that Tajikistan is increasingly ready for serious investment. “They sometimes take a long time to get started, but once they do, no one can catch up with them,” she noted, describing the pace of Tajik partners once projects are underway. Investment Mechanisms and Key Projects Tajinvest CEO Dilshod Jurazoda delivered a presentation titled How to Invest in Tajikistan? He outlined legislative guarantees, investor support mechanisms, and the implementation of a One-Stop-Shop model within Tajinvest to streamline business entry. Jurazoda highlighted a portfolio of strategic projects open to foreign investment, including: Dushanbe Mall Dushanbe Arena Hall Expo Center Dushanbe Sugdbarktaminot energy complex Mehrgon agro-cultural complex in Sughd Green data centers leveraging Tajikistan’s hydropower capacity Tourism infrastructure development projects U.S. Businesses Signal Interest The event featured interactive sessions, with participants pitching projects, engaging in open discussions, and networking in an informal setting. Representatives of major U.S. investment and tech firms were in attendance, including Edward Mermelstein (Atlantic Bridge Capital), Val Kogan (Mid-Atlantic-Eurasia Business Council), Burke McCormack (Ardmore Capital), Mack Kerker and David Halpert (Penataran), Leon Nektalov (Leon Diamond), Sam Bousfield (Samson Sky), and Erkin Mustafokulov (United Bros LC). The U.S. delegation stressed that direct dialogue with Tajik officials offered valuable insights into the local market and practical opportunities for cooperation. The New York presentation underscored growing American interest in Tajikistan. With major projects on offer, abundant energy resources, and demonstrated government support, prospects for deepening bilateral economic ties appear increasingly favorable.

Economy

Trade in Central Asia: China Deepens Influence, Europe Expands Presence, Region Seeks New Markets

Central Asia remains a theater of active economic competition, with countries in the region striving to diversify external partnerships and reduce dependence on traditional power centers, Russia and China. While both continue to dominate foreign trade, Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan are increasingly exploring new directions. The region’s evolving trade dynamics reflect each country's economic characteristics. Kazakhstan is driven by energy and metals exports, Uzbekistan by manufacturing and resource processing, while Kyrgyzstan and Tajikistan rely heavily on remittances and raw material exports. Amid global shifts and intensified competition for markets, Central Asian states are gradually shaping more multipolar trade strategies, opening up new routes and partnerships. Turkmenistan is excluded from this analysis due to the opacity of its national statistics. Kazakhstan As Central Asia’s largest economy, Kazakhstan relies heavily on natural resource extraction. Its main exports include oil, gas, metals, coal, grain, and agricultural products. Imports consist primarily of machinery, chemicals, vehicles, and consumer goods. Key export partners include Italy (21.6%), China (18.6%), Russia (10.2%), the Netherlands (7.4%), Turkey (4.7%), and Uzbekistan (4.3%). On the import side, China (29%) and Russia (28.8%) dominate, followed by Germany (4.8%), South Korea (3.7%), the United States (3.6%), and Turkey (2.5%). Kazakhstan has maintained a positive trade balance, buoyed by consistent demand for raw materials. In January-July 2025, the country’s foreign trade turnover totaled $78.18 billion, down 2.6% from the same period in 2024. Exports declined by 6.4% to $43.58 billion, while imports rose by 2.6% to $34.6 billion. Uzbekistan Uzbekistan's economy is focused on agriculture, textiles, natural resources, and manufacturing. Major exports include textiles, gold, gas, automobiles, cotton, and fruit. Imports are led by machinery, equipment, chemicals, and petroleum products. In the first half of 2025, foreign trade turnover reached $44.4 billion, up 19.9% year-on-year. Exports rose 34.9% to $20.1 billion, while imports increased 9.9% to $24.29 billion, leaving a trade deficit of $4.18 billion. Uzbekistan trades with 197 countries. Its largest trade partners are China (18.2%), Russia (16.1%), Kazakhstan (5.9%), Turkey (3.6%), and South Korea (2.2%). Export destinations include Russia (12.3%), China (5.5%), Kazakhstan (4.0%), Afghanistan (3.7%), Turkey (3.0%), France (2.6%), the UAE (1.8%), Kyrgyzstan (1.6%), Tajikistan (1.4%), and Pakistan (1.2%). Imports mainly come from China (28.7%), Russia (19.3%), Kazakhstan (7.6%), Turkey (4.1%), South Korea (3.9%), Germany (2.8%), and India (2.6%). Kyrgyzstan Kyrgyzstan, with limited natural resources, is heavily dependent on foreign trade. Its economy is rooted in agriculture, mining, and textiles. Key exports include gold and agricultural products, while imports are dominated by machinery, vehicles, petroleum products, and chemicals. From January to June 2025, foreign trade turnover fell 12.4% year-on-year to $6.99 billion. Exports made up only 15% of total trade, underscoring a continued trade deficit. Main partners remain Kazakhstan, Russia, and China. Tajikistan Tajikistan’s economy is centered on agriculture, hydropower, textiles, and mining. In January-August 2025, foreign trade turnover rose 16.8% year-on-year to $6.73 billion. Exports totaled $1.63 billion, while imports reached $5.1 billion, more than triple the export volume. Main exports are aluminum, textiles, agricultural goods, and minerals; imports...

Labor Migration

Kazakhstan Labor Migration Report Shows Most Citizens Working in Russia

The Ministry of Labor and Social Protection has released updated data on the number of Kazakh citizens working abroad. According to the ministry, 126,000 citizens are currently employed outside the country, which has a population of more than 20 million. The vast majority, over 80%, have found work in neighboring Russia. The figures were shared by First Deputy Minister of Labor and Social Protection Askarbek Yertayev during a briefing with journalists on the sidelines of a Senate meeting. Of the 126,000 citizens working abroad, 102,000 are employed in Russia, 15,000 in South Korea, and approximately 2,000 in the United Kingdom and European Union member states. Yertayev noted that Kazakhstan has yet to finalize bilateral labor agreements with all countries where its citizens are working. “In particular, an agreement with South Korea is still under discussion, we have been negotiating for two years. Talks were paused due to the domestic political situation there,” Yertayev said, referring to the ongoing standoff between South Korean President Yoon Suk Yeol and the country’s parliament. “Negotiations resumed this fall, and we plan to continue them, as 11,000 of the 15,000 Kazakh citizens in South Korea are working illegally. Measures must be taken, but the Korean side has several conditions, including that Kazakhstan address the issue of its undocumented migrants,” he added. Seoul has requested a “road map” from Kazakhstan to address the problem of illegal labor migration. The document is expected to include mechanisms to prevent undocumented employment. Yertayev expressed confidence that an agreement would be reached before the end of the year. He noted that legal employment in South Korea would allow Kazakh workers to access higher wages and social protections, including healthcare and insurance. “Currently, our citizens in South Korea who are working illegally cannot even send their earnings back home: banks refuse to process the transfers, forcing them to rely on informal channels, which often leads to fraud,” the deputy minister said. As previously reported by The Times of Central Asia, Kazakh authorities have also intensified domestic efforts to formalize the labor market by cracking down on employers who pay “gray” wages, off-the-books income that evades taxes and social contributions.

Economy

Investment in Kyrgyzstan’s Economy Rises by 20 Percent

In the first eight months of 2025, several sectors of Kyrgyzstan’s economy experienced substantial growth, particularly in finance, manufacturing, hospitality, and food services. According to the National Statistical Committee of Kyrgyzstan, domestic investment surged most notably in the hospitality and food service sectors, which saw a 170 percent increase. The manufacturing sector reported a 110 percent rise, driven largely by state funding for new industrial facilities. Officials emphasized that the primary sources of investment were allocations from the state budget and enterprises’ internal funds. “The implementation of government investment programs is creating conditions for accelerating growth in sectors such as construction, transport, energy, and irrigation,” the Ministry of Finance of Kyrgyzstan stated. Foreign investment was concentrated in financial intermediation and insurance, particularly in Bishkek. Between January and July 2025, nearly $94 million was invested in this sector, an 80 percent increase. Finance and insurance accounted for 40 percent of all foreign investment received by Kyrgyzstan during this period. The Eurasian Development Bank (EDB) also released its analysis of investment trends in Kyrgyzstan. According to EDB analysts, the country achieved double-digit economic growth this year, largely due to increased investment in industry, transport, and construction. Kyrgyzstan’s GDP expanded by 11.5 percent between January and July 2025. “Investment growth is driven both by domestic resources and external financing, including foreign direct investment. This demonstrates the region’s strong adaptability to the new realities of the global economy,” said EDB Chief Economist Evgeny Vinokurov.