Doubling of GDP by 2030 – a strategic planning based on practical assessment for status and prospects of the country’s advancement

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May 6, 2016

Doubling of GDP by 2030 – a strategic planning based on practical assessment for status and prospects of the country’s advancement


In 25 years of independent development Uzbekistan made decisive steps in the implementation of fundamentally important reforms aimed at achieving the main goal – to reach the level of developed democratic countries in the world with a strong socially oriented economy, providing a decent standard and quality of life. The results of transformations today has been recognized by all, including representatives of the authoritative international organizations and institutions, the expert-analytical and business circles of foreign countries.

According to the Executive Director of the World Bank Jörg Frieden, the innovative reforms implemented in Uzbekistan to overcome the challenges are commendable, and that these issues have become urgent today against the downturn of global economic instability.

“The country’s leadership takes effective measures to promote small businesses, protect their interests, – he stressed. – It is worth to note that the Head of State, in his speech at the extended meeting of the Cabinet of Ministers dedicated to the socio-economic development of the country in 2015 and the most important priorities of economic program for 2016, noted the positive changes made by Uzbekistan in the ranking “Doing Business”, which also confirms the fruitful cooperation of the country with the World Bank.”

Y.Frieden expressed the opinion that the plans indicated in the report of the President Islam Karimov will open new opportunities for further cooperation with the World Bank Group, especially with the International Finance Corporation. “We need to cover all areas of possible cooperation and fully reflect them in the country strategy, which we will discuss in the near future”, – he said.

Noting that last year the country’s economy continued its stable development European Union Special Representative for Central Asia Peter Burian highlighted that despite the negative global economic trends, Uzbekistan was highly appreciated by the World Economic Forum and the World Bank’s ranking on the scale of a favorable business conditions.

“I had the honor to participate in the International Investment Forum in Tashkent, where Uzbekistan demonstrated its commitment to further liberalization and modernization of the economy, – he stressed. – The event has shown a growing interest in the global business community to participate more actively in the study of the local market opportunities.”

According to the president of the publishing house of digital publishing and media company “d’Izarn Com”, Chief editor of the electronic magazine “Tachkent-Paris” Sylvie d’Izarn (France), Uzbekistan confidently moving towards the main goal – reaching the level of developed democratic countries in the world with a strong socially oriented economy, providing a decent standard and quality of life.

She particularly emphasized the macroeconomic indicators of the country development. “In recent years the average annual GDP growth amounted to no less than 8%, most eloquently confirms the effectiveness of the Uzbek model of development and well-designed strategy to overcome the global financial and economic crisis on the national economy. It is significant that the successes achieved by Uzbekistan highly valued by the international financial and economic institutions, including the World Bank, the UN Food and Agriculture Organization (FAO) and others”, S.d’Izarn said.

In her opinion, World Bank’s report that concluded that Uzbekistan is currently among the top ten countries in the world, which for the last year reached positive results in improving the business environment for business, deserves special attention. “Very significant is the fact that all commercial banks of the republic received a positive rating of “stable” fr om the leading international rating agencies Fitch Ratings, Moody’s and Standard & Poor’s”.

General Director of the Association “For employment” Zbigniew Kolesski (Poland) said that Uzbekistan is one of the leading places in the world in terms of economic growth. “The most important factors shaping the development of the economic system were the favorable agro-climatic conditions, abundance of sunny days, fertile land, hard work people, he stated. – Since ancient times, your country is famous for its fruit and vegetables, melons and grain crops. If before Uzbekistan’s economy had raw orientation and in industries dominated sector of primary processing of raw materials, the post-independence task of gradual transition has been put at the heart of a social market economy”.

Noting that in a short time in Uzbekistan complicated process of diversification of the economy and the elimination of cotton monoculture has been carried out, Z.Kolesski drew attention to the formation of new industries – automotive and information technology, the creation of conditions for development of small business and private entrepreneurship, as well as privileges and preferences for foreign investors.

It is separately mentioned that in a country wh ere more than half of the population throughout Central Asia and representatives of more than one hundred and twenty nationalities, all of the reforms carried out against a background of political stability and a gradual transition to a market economy that has yielded positive results.

According to the chairman of the Association of Friendship “Korea-Uzbekistan” Kim Yong Sik, indicators of 2015 once again demonstrated the reasonableness of the chosen strategy of economic development of Uzbekistan.

“The Uzbek economy is moving towards qualitative progress. GDP growth, industry, agriculture and construction is supported in a balanced budget, a positive trade balance and balance of payments with a moderate rate of inflation. This is one of the main advantages of the Uzbek model of development”, Kim Yong Sik said.

He emphasized that in the present circumstances, when faced by many countries is to protect themselves from the negative effects of the ongoing global financial and economic crisis, Uzbekistan has set the task of doubling GDP by 2030.

“The report of the President of Uzbekistan noted the need to ensure the average annual growth rate of 4.8% for the doubling of the country’s economic indicators. I think that your country even exceed this mark, as in the past few years the average GDP growth rate showed a positive trend”, – he said.

Director of the International Center for Political Studies, Professor Rohan Gunaratna (Singapore) commended the ongoing work in Uzbekistan on the full support of small business and private entrepreneurship. In this regard, he stressed the effectiveness of measures aimed at simplifying and facilitating the creation and implementation of the activities of businesses, the elimination of unnecessary bureaucratic barriers to its development.

“The progress made in the country in support of new business and the provision of loans to businesses is particularly important. Thanks to the continued support from the government, local and foreign business in Uzbekistan feel confident, expanding production and attracting new investments,” the expert said.