TASHKENT, June 3 (Xinhua) -- International credit rating agency Fitch Ratings on Wednesday revised the outlook on Uzbekistan's Long-Term Issuer Default Ratings (IDRs) to "positive" from "stable," while affirming the country's speculative-grade "BB" rating.
The revision reflects Uzbekistan's substantial progress in implementing structural economic reforms, strengthening macroeconomic stability, and improving key fiscal indicators, Fitch said in a report. The agency highlighted accelerated privatization of state-owned assets, reduced energy subsidies, and the gradual shift toward an inflation-targeting regime.
Fitch projected Uzbekistan's GDP growth at 6 percent in 2026, rising to an average of 6.4 percent in 2027-2028. It also forecast the consolidated fiscal deficit to narrow to 2.1 percent of GDP by the end of 2025, below the legally mandated ceiling of 3 percent.
According to Fitch, Uzbekistan's gross international reserves increased from 41.2 billion U.S. dollars at the end of 2024 to 66 billion dollars at the end of 2025, supported by high gold prices, and are expected to reach 71 billion dollars in 2026. ■
