UZBEKISTAN: LONG-TERM AND SUSTAINABLE ECONOMIC GROWTH

During the years of independence Uzbekistan has formed an effective technical, technological and financial base of long-term and sustainable economic growth. This is stated in the National Report of the Republic of Uzbekistan on the Millennium Development Goals (MDGs) submitted May 1, 2015.

The document notes that one of the key factors contributing to achieving the targets under the first MDG was the implementation in our country, structural reforms for the development of basic industries and the expansion of investment in infrastructure.

From the first days of independence, the republic is consistent work on modernization, technical and technological renewal of basic industries — fuel and energy complex, ferrous and non-ferrous metallurgy and others. The development of these industries played an important role in accelerating the pace of economic growth, increasing exports, strengthening macroeconomic stability and creating a basis for sustainable growth in human well-being in the long term.

Accordingly, the policy of the leadership of Uzbekistan was aimed at attracting large-scale investment in basic industries and infrastructure development. Between 2002 and 2013 the volume of investments into the national economy increased by 6,4 times — from 2,0 to 12,1 billion USD. As a result, the structure of the national economy significantly changed. Republic from a predominantly agricultural country turned into a modern industrial state.

During 2001–2013, the share of industry in GDP has increased from 14.1 to 24.2%, the share of services — from 44% to 53%. With continued growth in production in the agricultural sector, its share in GDP fell from 30.0 to 17.6%.

Special attention should be the development of small business and private entrepreneurship (SBPE). Over the years of independence, the country formed a complete system of guarantees and incentives for that sector. Currently substantially simplified tax administration, measures were taken to reduce administrative barriers and other transaction costs of doing business.

With the implementation of measures for 2001–2013, the share of small business in GDP increased from 33,8 to 55,8%, in industry — from 12,5 to 28,1%, in agriculture — from 74,5 to 98,1% in the service sector — from 37 to 48,9%. The share of employment in the sector increased from SBPE 51,8% in 2001 to 76,7% in 2013. In the structure of incomes of the population is increasing the share of income from business activities, which in the years of independence has increased from 27% to 50,7%. This is one of the highest rates in the CIS countries.

IA «Jahon»