As a low-middle-income country with agross domestic product (GDP) per capita of US$1,715 and apopulation of 30 million (nearly half of all of the CentralAsian population), Uzbekistan has seen stable economicprogress since the mid-2000s, both in terms of growth andpoverty reduction. Growth has averaged 8 percent per yearsince 2004 and extreme poverty has declined from 27 percentin 2000 to 15 percent in 2012. Encouraged by thisoutstanding growth performance, the Uzbek authorities haveset an ambitious goal for the country, to join the group ofupper-middle-income countries by 2030. This note discussesthe main challenges that the government is likely to faceand the structural transformations that the economy willhave to undergo to achieve this objective.