🇺🇿 The services sector is a key pillar of Uzbekistan’s economy, playing a central role in driving growth and job creation. In 2023 nominal terms, it contributed 43.9% to the country’s GDP, outpacing industry (23.5%), agriculture (20.6%), and construction (7.1%).
📊 The services sector, now responsible for more than half of all jobs in the country, has played a key role in its structural transformation since independence. From 1991 to 2022, employment in services grew from 37% to 50%, effectively offsetting nearly the entire decline in the share of agricultural employment.
⚠️ Since 2017, market reforms in Uzbekistan have driven steady economic growth, with an average annual GDP growth rate of around 5.5%. However, structural transformation has slowed, with the services sector's contribution to GDP increasing only slightly from 41% in 2010 to 44% in 2022, and its employment share stabilizing around 50% since 2010.
🧭 To ensure sustainable growth, Uzbekistan must prioritize reforms that foster private sector expansion and further develop the services sector, particularly in global innovator services such as ICT, professional (e.g., consulting, legal, architecture, engineering), and financial services.
🔎 What additional policy measures are required to achieve these goals?
🌐 Check out the latest World Bank report: https://bit.ly/4jibSKL
📊 The services sector, now responsible for more than half of all jobs in the country, has played a key role in its structural transformation since independence. From 1991 to 2022, employment in services grew from 37% to 50%, effectively offsetting nearly the entire decline in the share of agricultural employment.
⚠️ Since 2017, market reforms in Uzbekistan have driven steady economic growth, with an average annual GDP growth rate of around 5.5%. However, structural transformation has slowed, with the services sector's contribution to GDP increasing only slightly from 41% in 2010 to 44% in 2022, and its employment share stabilizing around 50% since 2010.
🧭 To ensure sustainable growth, Uzbekistan must prioritize reforms that foster private sector expansion and further develop the services sector, particularly in global innovator services such as ICT, professional (e.g., consulting, legal, architecture, engineering), and financial services.
🔎 What additional policy measures are required to achieve these goals?
🌐 Check out the latest World Bank report: https://bit.ly/4jibSKL