Country risk rating


HIGH RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD50.5bn (World ranking 86, World Bank 2018)
Population 33mn (World ranking 42, World Bank 2018)
Form of state Presidential Republic
Head of government Shavkat MIRZIYOYEV (President)
Next elections 2021, presidential
  • Ambitious economic reform agenda since President Mirziyoyev took office in 2016 (though implementation likely to be bumpy)
  • Large consumer market (most populous country in Central Asia) and cheap workforce
  • History of fiscal surpluses since 2006
  • Landlocked country
  • Border disputes with neighboring Kyrgyzstan and Tajikistan (though there are efforts to resolve them)
  • Commodity-based economy (metals, cotton, minerals, foodstuff), causing a high vulnerability to global commodity prices
  • High exchange rate vulnerability
  • History of high inflation
  • Weak rule of law, no independent judiciary
  • High level of perceived corruption


Euler Hermes

Economic Research Team