This article analyzes the impact of the 2008 global financial crisis on Central Asian economies, with a focus on Uzbekistan. It examines transmission channels—trade, commodity prices, migration, remittances, and financial flows—and shows how Uzbekistan's relatively closed financial system buffered the initial shock while still being affected through falling export revenues and reduced remittances. Drawing on expert interviews, it explores policy responses, the growing role of China, and structural changes, then evaluates the likelihood of a similar crisis recurring in 2026–2027.