Uzbekistan identifies geopolitical tensions as key economic risk

The Uzbek government has identified geopolitical conflicts, commodity market volatility and global inflationary pressures as the main risks to the country's macroeconomic stability in its Fiscal Strategy for 2027–2029.

The document notes that Uzbekistan's direct trade exposure to Middle Eastern countries remains relatively limited, Caliber.Az reports, citing Uzbek media.

In 2025, trade turnover with Iran, Israel, Qatar, the United Arab Emirates, Bahrain, Kuwait and Saudi Arabia totalled $2.1 billion, accounting for 2.6% of the country's total foreign trade.

Exports reached $933 million, while imports amounted to $1.2 billion.

At the same time, the government warned that disruptions to global supply chains, along with rising global prices for oil, mineral fertilisers and food, could negatively affect the country's economy by increasing import costs, complicating logistics and slowing global economic growth.

By Bakhtiyar Abbasov