2027 State Budget to Maintain Its Social Focus
Economy
President Shavkat Mirziyoyev held a meeting to discuss the State Budget targets, key macroeconomic forecasts, and priority areas of fiscal policy for 2027.
As noted during the meeting, the country's economy is expected to grow by at least 8 percent by the end of this year. Gross domestic product (GDP) is expected to exceed $200 billion, while per capita income will reach $5,200.
These achievements provide a solid foundation for the transition to a new stage of economic development. In particular, the country has set a goal of increasing GDP to $300 billion by 2030 and per capita income to $10,000 over the next decade.
The Constitution of Uzbekistan enshrines the principle that Uzbekistan is a social state, where human life, honor, and dignity are recognized as the highest values. The noble principle of "For Human Honor and Dignity" has become the guiding principle for all reforms carried out in New Uzbekistan. Indeed, the true purpose of economic development is to ensure that its benefits are felt by every individual and family, improving people's well-being, expanding access to quality education and healthcare, and creating decent living conditions.
The social focus of the State Budget serves these priority goals and will be maintained in the coming year.
In particular, approximately 176 trillion soums are planned to finance reforms in education and healthcare. Of this amount, 114.3 trillion soums will be allocated to education, an increase of 14 trillion soums over the previous year, and 61.4 trillion soums to healthcare, an increase of 12 trillion soums.
In addition, 70 trillion soums will be allocated to improving infrastructure in regions and mahallas, increasing employment and household incomes, developing human capital, and strengthening social protection.
The meeting emphasized the need to maintain annual economic growth of at least 7 percent through the use of existing reserves and new technological drivers to ensure sustainable financing of social commitments.
In this regard, starting next year, key priorities will include transitioning to a new model of economic growth, generating greater added value in each industry, increasing labor productivity, expanding export potential, and creating more high-paying jobs.
The meeting reviewed new approaches to sustaining high rates of economic growth over the long term. International experience shows that the main drivers of sustainable development include competitive, export-oriented production, technology transfer, investment efficiency, macroeconomic stability, and the ability of economic policy to adapt to changing conditions.
Based on this, a modern industrial policy should form the foundation of the new economic growth model. It will focus on transitioning to the production of high-value-added goods, attracting advanced technologies, further integrating domestic enterprises into international production chains, and diversifying exports.
In particular, a new strategy is being developed to accelerate the development of the chemical and petrochemical industries, mechanical engineering, electrical engineering, textiles, pharmaceuticals, and other promising sectors.
Under the new industrial policy, plans include attracting major international companies and investors representing well-known brands to each priority sector, establishing modern industrial zones, deepening production localization, and strengthening the technological capabilities of enterprises. In 2027, at least two to three major investors are expected to be attracted to each promising sector.
The development of emerging industries, including semiconductor technologies, robotics, biotechnology, and the production of high-tech components and batteries for electric vehicles, will also receive special attention.
To achieve these goals, new mechanisms are planned to encourage the entry of international brands, support research and development, and foster competitive domestic manufacturers.
The continued implementation of structural reforms is also essential to maintaining stable economic growth. Key priorities include transforming state-owned enterprises and banks, accelerating privatization, improving energy and transport infrastructure, developing human capital, and completing Uzbekistan's accession to the World Trade Organization.
At the same time, special attention will be given to directing public investment toward creating favorable conditions for private capital, establishing modern mechanisms for financing economic growth, and improving investment efficiency.
The meeting also reviewed the main macroeconomic forecasts for 2027.
According to projections, Uzbekistan's GDP is expected to reach $232 billion in 2027.
At the same time, plans call for reducing inflation to 6 percent in 2027 and 5 percent in 2028–2029, as well as increasing exports excluding gold to nearly $40 billion in 2027.
During the presentation, it was noted that State Budget revenues for 2027 are planned at 416 trillion soums, with expenditures totaling 464 trillion soums. The draft budget is being prepared based on an economic growth forecast of 7 percent.
Special attention was paid to ensuring macroeconomic stability amid global geopolitical and economic uncertainty. In particular, key priorities for next year include keeping inflation at or below 6 percent and maintaining the overall fiscal deficit within 3 percent of GDP.
The main tax rates are also planned to remain unchanged in 2027. The President emphasized that, under these conditions, the main sources of budget revenue growth should be stimulating economic activity, expanding the tax base, reducing the share of the shadow economy, and improving tax and customs administration.
In this regard, specific tasks were outlined to further increase tax and customs revenues through the widespread introduction of digital solutions and artificial intelligence technologies, as well as to create favorable and transparent conditions for entrepreneurs.
President Shavkat Mirziyoyev emphasized that every soum of budget funds must deliver tangible results. In this regard, special attention was paid to ensuring the targeted use of funds, reducing inefficient spending, improving the effectiveness of public investments and subsidies, and strengthening budget discipline.
In particular, instructions were given to pilot a digital monitoring system that enables comprehensive tracking of budget expenditures during the implementation of construction projects under the investment program.
The meeting also discussed new mechanisms for financing economic growth. The Head of State emphasized the need to expand private capital participation in the banking system and increase the volume of credit resources. He also called for greater use of public-private partnerships to finance investment projects and stronger cooperation with international financial institutions.
Responsible officials were instructed to develop concrete plans to attract $65 billion in foreign investment in 2027, broken down by sector and region.
Based on the views and proposals expressed during the meeting, the main priorities of the draft State Budget for 2027 were determined.
In accordance with legislation, the draft budget and measures to ensure its implementation will be discussed by local Kengashes, after which the draft will be submitted to the Legislative Chamber of the Oliy Majlis.
These achievements provide a solid foundation for the transition to a new stage of economic development. In particular, the country has set a goal of increasing GDP to $300 billion by 2030 and per capita income to $10,000 over the next decade.
The Constitution of Uzbekistan enshrines the principle that Uzbekistan is a social state, where human life, honor, and dignity are recognized as the highest values. The noble principle of "For Human Honor and Dignity" has become the guiding principle for all reforms carried out in New Uzbekistan. Indeed, the true purpose of economic development is to ensure that its benefits are felt by every individual and family, improving people's well-being, expanding access to quality education and healthcare, and creating decent living conditions.
The social focus of the State Budget serves these priority goals and will be maintained in the coming year.
In particular, approximately 176 trillion soums are planned to finance reforms in education and healthcare. Of this amount, 114.3 trillion soums will be allocated to education, an increase of 14 trillion soums over the previous year, and 61.4 trillion soums to healthcare, an increase of 12 trillion soums.
In addition, 70 trillion soums will be allocated to improving infrastructure in regions and mahallas, increasing employment and household incomes, developing human capital, and strengthening social protection.
The meeting emphasized the need to maintain annual economic growth of at least 7 percent through the use of existing reserves and new technological drivers to ensure sustainable financing of social commitments.
In this regard, starting next year, key priorities will include transitioning to a new model of economic growth, generating greater added value in each industry, increasing labor productivity, expanding export potential, and creating more high-paying jobs.
The meeting reviewed new approaches to sustaining high rates of economic growth over the long term. International experience shows that the main drivers of sustainable development include competitive, export-oriented production, technology transfer, investment efficiency, macroeconomic stability, and the ability of economic policy to adapt to changing conditions.
Based on this, a modern industrial policy should form the foundation of the new economic growth model. It will focus on transitioning to the production of high-value-added goods, attracting advanced technologies, further integrating domestic enterprises into international production chains, and diversifying exports.
In particular, a new strategy is being developed to accelerate the development of the chemical and petrochemical industries, mechanical engineering, electrical engineering, textiles, pharmaceuticals, and other promising sectors.
Under the new industrial policy, plans include attracting major international companies and investors representing well-known brands to each priority sector, establishing modern industrial zones, deepening production localization, and strengthening the technological capabilities of enterprises. In 2027, at least two to three major investors are expected to be attracted to each promising sector.
The development of emerging industries, including semiconductor technologies, robotics, biotechnology, and the production of high-tech components and batteries for electric vehicles, will also receive special attention.
To achieve these goals, new mechanisms are planned to encourage the entry of international brands, support research and development, and foster competitive domestic manufacturers.
The continued implementation of structural reforms is also essential to maintaining stable economic growth. Key priorities include transforming state-owned enterprises and banks, accelerating privatization, improving energy and transport infrastructure, developing human capital, and completing Uzbekistan's accession to the World Trade Organization.
At the same time, special attention will be given to directing public investment toward creating favorable conditions for private capital, establishing modern mechanisms for financing economic growth, and improving investment efficiency.
The meeting also reviewed the main macroeconomic forecasts for 2027.
According to projections, Uzbekistan's GDP is expected to reach $232 billion in 2027.
At the same time, plans call for reducing inflation to 6 percent in 2027 and 5 percent in 2028–2029, as well as increasing exports excluding gold to nearly $40 billion in 2027.
During the presentation, it was noted that State Budget revenues for 2027 are planned at 416 trillion soums, with expenditures totaling 464 trillion soums. The draft budget is being prepared based on an economic growth forecast of 7 percent.
Special attention was paid to ensuring macroeconomic stability amid global geopolitical and economic uncertainty. In particular, key priorities for next year include keeping inflation at or below 6 percent and maintaining the overall fiscal deficit within 3 percent of GDP.
The main tax rates are also planned to remain unchanged in 2027. The President emphasized that, under these conditions, the main sources of budget revenue growth should be stimulating economic activity, expanding the tax base, reducing the share of the shadow economy, and improving tax and customs administration.
In this regard, specific tasks were outlined to further increase tax and customs revenues through the widespread introduction of digital solutions and artificial intelligence technologies, as well as to create favorable and transparent conditions for entrepreneurs.
President Shavkat Mirziyoyev emphasized that every soum of budget funds must deliver tangible results. In this regard, special attention was paid to ensuring the targeted use of funds, reducing inefficient spending, improving the effectiveness of public investments and subsidies, and strengthening budget discipline.
In particular, instructions were given to pilot a digital monitoring system that enables comprehensive tracking of budget expenditures during the implementation of construction projects under the investment program.
The meeting also discussed new mechanisms for financing economic growth. The Head of State emphasized the need to expand private capital participation in the banking system and increase the volume of credit resources. He also called for greater use of public-private partnerships to finance investment projects and stronger cooperation with international financial institutions.
Responsible officials were instructed to develop concrete plans to attract $65 billion in foreign investment in 2027, broken down by sector and region.
Based on the views and proposals expressed during the meeting, the main priorities of the draft State Budget for 2027 were determined.
In accordance with legislation, the draft budget and measures to ensure its implementation will be discussed by local Kengashes, after which the draft will be submitted to the Legislative Chamber of the Oliy Majlis.
Powered by Froala Editor