ECONOMIC TRANSFORMATION OF UZBEKISTAN SINCE INDEPENDENCE (1991–2024): KEY DRIVERS, STRUCTURAL REFORMS, AND GLOBAL REPOSITIONING

Abstract

This paper examines the economic transformation of Uzbekistan from the declaration of independence in 1991 to 2024. The study identifies two distinct developmental phases: the gradualist, state-directed model under President Islam Karimov (1991–2016) and the liberalisation-oriented reforms initiated by President Shavkat Mirziyoyev (2016–present). Using macroeconomic indicators including GDP growth, foreign direct investment (FDI) flows, inflation, and trade statistics, we assess how domestic policy choices, natural resource endowments, and regional integration frameworks have shaped Uzbekistan's trajectory. The findings suggest that while Karimov-era gradualism preserved macroeconomic stability, it constrained structural diversification. Post-2016 reforms have substantially improved the investment climate, repositioned Uzbekistan as a rising emerging market, and elevated its profile within the Shanghai Cooperation Organisation (SCO) and the Commonwealth of Independent States (CIS). The paper concludes with policy implications for landlocked developing economies pursuing gradual market integration