THE EVOLUTION OF UZBEKISTAN’S FISCAL POLICY DURING 2020–2025 AND ITS CONTRIBUTION TO SUSTAINABLE ECONOMIC GROWTH
DOI:
https://doi.org/10.5281/zenodo.18662111Keywords:
fiscal policy; sustainable economic growth; public expenditure; tax reforms; budget consolidation; macroeconomic stability; structural transformation; green developmentAbstract
This study examines the evolution of Uzbekistan’s fiscal policy during 2020–2025 and evaluates its contribution
to sustainable economic growth amid a period of profound structural transformation. Over these years, the government
implemented a series of reforms aimed at strengthening budget transparency, improving tax administration, expanding
social protection, and increasing the efficiency of public expenditure. The analysis highlights how counter-cyclical fiscal
measures adopted during the COVID-19 pandemic helped cushion economic shocks, while subsequent consolidation
efforts supported macroeconomic stability and restored growth momentum. Particular attention is given to shifts in tax
policy, the reorientation of public investment toward infrastructure and human capital, and the growing emphasis on
green and digital development priorities. Using comparative data, policy documents, and macroeconomic indicators,
the paper demonstrates that Uzbekistan’s fiscal reforms have played a pivotal role in stimulating private sector activity,
enhancing resilience, and laying the groundwork for long-term sustainable growth. Nevertheless, the study also identifies
ongoing challenges, including the need for deeper institutional modernization, better targeting of social spending, and
strengthening the balance between fiscal discipline and growth-oriented investment. The findings provide valuable
insights for policymakers seeking to design more effective fiscal frameworks in emerging economies.
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