Articles
| Open Access |
DOI: Prospects for ensuring economic development by reducing risks inherent to the economy of Uzbekistan
Kodirov Ural Safar ugli , Independent Researcher, Tashkent State University of Economics, UzbekistanAbstract
This article is devoted to the analysis of the economic and financial situation of Uzbekistan based on the methodology of the International Country Risk Guide (ICRG). The study analyzes the financial and economic indicators of the country in recent years, such indicators as external debt, based on the main components of the ICRG model. The research is based on reports and statistical data from international financial institutions.
Keywords
ICRG methodology, real GDP growth rate, inflation rate
References
Suhejla Hoti. The International Country Risk Guide: An Empirical Evaluation. https://www.researchgate.net/publication/228460672
Asian Development Bank (ADB). (2023). Central Asia Regional Economic Cooperation (CAREC) Program: Economic Outlook and Regional Integration.
International Monetary Fund (IMF). (2022). Uzbekistan: 2022 Article IV Consultation – Staff Report. Washington, DC: IMF.
Kraay, A., & Nehru, V. (2006). When is External Debt Sustainable? Journal of Development Economics, 79(2), 341-365.
Trading Economics, (2025a). Uzbekistan GDP.: https://tradingeconomics.com/uzbekistan/gdp.
Trading Economics, (2025b). Uzbekistan Inflation Rate.: https://tradingeconomics.com/uzbekistan/inflation-cpi
Trading Economics, (2025c). Uzbekistan Government Budget. https://tradingeconomics.com/uzbekistan/governmentbudget#:~:text=Government%20Budget%20in%20Uzbekistan%20averaged,percent%20of%20GDP%20in%202021
Trading Economics, (2025d). Uzbekistan Current Account to GDP: https://tradingeconomics.com/uzbekistan/current-account-to-gdp
World Bank, (2025a). GDP growth (annual %) – Uzbekistan. https://data.worldbank.org/indicator/ny.gdp.mktp.kd.zg?locations=uz
PRS Group, (2022). The ICRG Methodology. https://www.prsgroup.com/wp-content/uploads/2022/04/ICRG-Method.pdf
Gazeta.uz, (2025). Uzbek soum depreciated 4.71% against US dollar in 2024.https://www.gazeta.uz/en/2024/12/31/currency/#:~:text=The%20national%20currency %20depreciated%20by,59%20soums%20(%2B0.46%25).
Gazeta.uz, (2024). National debt of Uzbekistan may reach $45 billion in 2025, with servicing costs increasing 1.4 times.: https://www.gazeta.uz/en/2024/11/09/govdept/#:~:text=According%20to%20the%20latest%20International,billion%2C%20the%20Central%20Bank%20said.
World Bank, (2021). Republic of Uzbekistan joint World Bank-IMF debt sustainability analysis. Working paper.
Peng, G. Bang, K. E. Markeset, T. (2024). Country risk mapping in a changing world—comparative survey on academic research and industrial practices. International Journal of Systems Assurance Engineering and Management, November.
Singagerda, F. S., Pratama, M. R., Alfairus, M. Q., Iskandar, A., & Mamadiyarov, Z. (2025). A Decision-Centric Approach to Risk Management in Aviation Stock Investments Using Value at Risk and Portfolio Optimization. Journal of Applied Science, Engineering, Technology, and Education, 7(1), 114-125.
Mamadiyarov, Z. (2020). Prospects for the development of remote banking services in the context of Bank Transformation. The American Journal of Applied Sciences, 2(07), 108-118.
Мамадияров, З. Т. (2019). Тижорат банкларида масофавий банк хизматларини ривожлантиришдаги муаммолар. Экономика и финансы (Узбекистан), (3), 18-27.
Litamahuputty, J. V., Amiruddin, E. G., Rahim, R., Rahman, A., & Mamadiyarov, Z. (2025). Cryptocurrency Risk Management through Decision Engineering: Evaluating XRPUSD and ADAUSD Portfolio Performance. Journal of Applied Science, Engineering, Technology, and Education, 7(1), 69-81.
Mamadiyarov, Z. (2024). INSURANCE OF COMMERCIAL BANKS'CREDIT FACILITIES AND CREDIT RISK MANAGEMENT. Journal is edited and published by the responsibility of Antis International Publisher, 1(9), 79-85.
Toshtemirovich, M. Z., & Ibrogimovich, K. K. (2024). Tijorat banklarida kredit riski va uni boshqarish usullari.
Toshtemirovich Mamadiyarov, Z. (2021, December). Risk management in the remote provision of banking services in the conditions of digital transformation of banks. In Proceedings of the 5th International Conference on Future Networks and Distributed Systems (pp. 311-317).
Article Statistics
Copyright License
Copyright (c) 2025 Kodirov Ural Safar ugli
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain the copyright of their manuscripts, and all Open Access articles are disseminated under the terms of the Creative Commons Attribution License 4.0 (CC-BY), which licenses unrestricted use, distribution, and reproduction in any medium, provided that the original work is appropriately cited. The use of general descriptive names, trade names, trademarks, and so forth in this publication, even if not specifically identified, does not imply that these names are not protected by the relevant laws and regulations.