05 April 2020

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Global development
23 Mar  2020 145

Uzbekistan rose 26 positions in 2020 Index of Economic Freedom

During the year, Uzbekistan rose 26 positions in 2020 Index of Economic Freedom and now ranks 114th out of 186. The Index of Economic Freedom is an annual index and ranking created in 1995 by the Heritage Foundation and the Wall Street Journal.

According to the Foundation, Uzbekistan’s economic freedom score is 57.2, making its economy the 114th freest in the 2020 Index. Its overall score has increased by 3.9 points due to higher scores for investment freedom, financial freedom, and property rights. Uzbekistan is ranked 26th among 42 countries in the Asia-Pacific region, and its overall score is well below the regional and world averages. 

As noted in the report, the Uzbek economy was repressed until 2017 and remains mostly unfree today. GDP growth has surged in recent years as liberalizing policy reforms have begun to have an effect. 

The government’s new reform road map includes policy goals to maintain macroeconomic stability and accelerate the transition of the economy from a state-led economy to one in which the market plays an increasingly important role. Ongoing development goals include reforming agriculture, finance, and banking and improving the investment climate by reducing state regulation and assuring property rights.

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