WOOD Flash - Uzbekistan macro: notes from our recent trip
Our recent roadshow in Tashkent revealed significant changes since our last visit, in 2022, driven by the policymakers’ renewed focus on accelerating reforms. The local economy is vibrant, with growth evident across most sectors. Our meetings with both institutions and the private sector highlighted impressive progress in the liberalised sectors. While the full impact of privatisation reforms, particularly the SOEs’ international listings, may take a few more years, the private sector has already seen notable advancements. It is possible that private companies may list as Depository Receipts on a similar, or perhaps even faster, timescale than the SOEs. The new reform momentum is expected to enhance competitiveness and productivity further. We maintain our optimistic outlook, forecasting the potential GDP growth in Uzbekistan to be the highest within our coverage universe, at 5-6% annually over the next decade.
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