THE EVOLUTION OF UZBEKISTAN'S FISCAL POLICY DURING 2020–2025 AND ITS CONTRIBUTION TO SUSTAINABLE ECONOMIC GROWTH

This study examines the evolution of Uzbekistan’s fiscal policy during 2020–2025 and evaluates its contributionto sustainable economic growth amid a period of profound structural transformation. Over these years, the governmentimplemented a series of reforms aimed at strengthening budget transparency, improving tax administration, expandingsocial protection, and increasing the efficiency of public expenditure. The analysis highlights how counter-cyclical fiscalmeasures adopted during the COVID-19 pandemic helped cushion economic shocks, while subsequent consolidationefforts supported macroeconomic stability and restored growth momentum. Particular attention is given to shifts in taxpolicy, the reorientation of public investment toward infrastructure and human capital, and the growing emphasis ongreen and digital development priorities. Using comparative data, policy documents, and macroeconomic indicators,the paper demonstrates that Uzbekistan’s fiscal reforms have played a pivotal role in stimulating private sector activity,enhancing resilience, and laying the groundwork for long-term sustainable growth. Nevertheless, the study also identifiesongoing challenges, including the need for deeper institutional modernization, better targeting of social spending, andstrengthening the balance between fiscal discipline and growth-oriented investment. The findings provide valuableinsights for policymakers seeking to design more effective fiscal frameworks in emerging economies.