This article discusses the importance of economic growth. The study analyzes several criteria influencing the economic growth of Uzbekistan, and describes the scientific conception and options of components relating to classic economic theory. This research reveals the conceptual basis for economic growth in Uzbekistan by means of varying instruments, and recommends mechanisms to improve the country’s economy. In particular, monetary policy and fiscal policy approaches are highly effective in maximizing the economic growth rate and reaching positive positions in both internal and external balances. Therefore, monetary and fiscal policies are a high-priority issue for policy makers and the government. This is especially topical for the policy makers of Uzbekistan, which in 1991 - after proclaiming independence, adopted an evolutionary reform strategy and began a gradual transformation from a Centrally Planned Economy to a Socially Orientated Market Economy.