While Central Asia has proven relatively resilient to the shocks of COVID-19, China’s slowdown and Russia’s war in Ukraine, declining trend rates of growth across the region, lacklustre productivity performance and lingering global uncertainty underscore the need to address weaknesses in the business and investment climate. The implementation of predictable rules, the creation of a level-playing field between firms and greater competition in markets, in particular, could encourage both local entrepreneurs and foreign investors to invest and grow in the region. This report presents an assessment of progress since the 2019-2020 analysis of the legal environment for business and investment in Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan against the backdrop of the changing international context brought about by COVID and the war.