According to Norkulov, one of the key priorities set by President Shavkat Mirziyoyev is to reduce the state budget deficit to 3% of GDP by next year, while inflation is expected to remain below 7%. By 2026, inflation should stabilize at 5-6%, with further reductions to 5% or lower by 2027.

Norkulov also noted that Uzbekistan’s GDP has steadily increased, surpassing $100 billion, and is projected to reach $110 billion by the end of this year. The government aims for GDP to grow to $200 billion by 2030. To support this, the president has instructed the development of a new program that focuses on increasing localization in major industries, including copper production, gold mining, metal processing, and others with significant growth potential.

Deputy Minister of Economy and Finance Akhadbek Khaydarov emphasized that the government’s primary focus in the coming year will be on efficiency and stability. President Mirziyoyev has ordered state agencies to make efficient use of every UZS in the national budget. Khaydarov added that the effectiveness of budget spending will become a key performance criterion for evaluating heads of state departments.

Khaydarov also outlined key tax policy plans for 2025, confirming that tax rates, including value-added tax (VAT) and corporate income tax, will remain unchanged. This move is expected to enhance Uzbekistan’s economic attractiveness for entrepreneurs and investors, providing a stable fiscal environment for business growth.