Tashkent, Uzbekistan (UzDaily.com) — The Center for Economic Research and Reforms has conducted an analysis of the Economic Complexity Index (ECI) from Harvard University’s Growth Lab.

According to the data, Uzbekistan’s economy is showing steady growth, with an average annual export increase of 20.5%, significantly surpassing the growth rates of other countries in the region.

The Harvard Growth Lab published the results of the Economic Complexity Index (ECI), which ranks countries based on technological complexity and export diversification.

In April this year, the Harvard Growth Lab (an interdisciplinary project of Harvard University) updated the Economic Complexity Atlas by adding data for 2023 and presented the ranking of countries based on the Economic Complexity Index, which includes 145 global economies.

Uzbekistan has significantly improved its position in the Economic Complexity Ranking, climbing 25 places over the last 5 years to reach 80th place out of 145 countries.

In the ranking, Uzbekistan holds 80th place, Turkey ranks 44th (improving 5 positions), Vietnam is 53rd (unchanged), Kazakhstan is 84th (lost 6 positions), Russia is 94th (lost 5 positions), Tajikistan is 124th (improved by 5 positions), and Turkmenistan is 126th (lost 12 positions). The top three countries are: 1st Switzerland, 2nd Japan, and 3rd Singapore.

The country’s economy demonstrates steady growth, with exports increasing by an average of 20.5% annually, far outpacing growth rates in other countries in the region. Non-oil exports have risen by 21.9% per year, exceeding the global average growth.

The largest contribution to export growth over the last 5 years has come from medium-processing industrial goods. Among the more complex products, high growth rates were seen in transportation (89%), industrial equipment (77%), and electrical engineering (59%).

Uzbekistan has added 67 new products to its export portfolio, generating $2.1 billion, which confirms the success of its diversification and competitiveness strategy. These products contributed $59 per capita in 2023.

According to the Harvard Growth Lab’s estimates, Uzbekistan has 162 product categories with competitive advantages in the global market, underscoring its potential in the global economy.

It is expected that Uzbekistan’s average annual economic growth will be 5.6% until 2033, the second-highest growth rate in the world.

In Vietnam, the average annual growth rate over the next decade is expected to be 4.8%, in Tajikistan 4%, in Kyrgyzstan 3.9%, in Georgia 3.6%, in Kazakhstan 3.6%, in Armenia 3.3%, in Bangladesh 3%, in Turkmenistan 2.7%, in Belarus 2.4%, in Azerbaijan 2.2%, and in Russia 1.1%.

Uzbekistan continues its efforts to structurally transform its economy, reallocating resources from less productive sectors like agriculture to more high-productivity sectors such as electronics and machine engineering.