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Uzbek President: Global economy should deal with difficult rehabilitation process

Business Materials 13 April 2010 16:20 (UTC +04:00)
The theme of conference causes much interest due to its actuality, if to take into account that approaches and solutions offers for post-crisis development are the most discussed worldwide.
Uzbek President: Global economy should deal with difficult rehabilitation process

Uzbekistan, Tashkent, Apr. 13 / corr Trend D.Azizov /

The theme of conference causes much interest due to its actuality, if to take into account that approaches and solutions offers for post-crisis development are the most discussed worldwide, President of Uzbekistan Islam Karimov said in his welcoming remarks to address to international scientific and practical conference "Efficiency of anti-crisis programs and priorities of post-crisis development in the model of Uzbekistan" held in Tashkent on Apr. 12.

The Uzbek President said that the Uzbek model of economic development, based on principles of reforms and revival of economy, balanced economic policy created a reliable barrier, ensuring macroeconomic stability, stable functioning of financial and banking fields and rise of currency accumulations.

According to forecasts, approved by influential international experts, economic growth will constitute 8.5 percent and 9 percent in Uzbekistan in 2010 and 2011, the welcoming letter said.

At the same time, the international economy is still to pass a long and difficult rehabilitation process many countries are facing a danger of repeated economic recession.

Some countries are witnessing cut in production volumes, increasing unemployment, rise in public budget deficit and amount of public debts.

In case of satisfactory pace of economic growth and decline in economy essential increase of indexes in stock and raw markets, increasing issue of money resources draw attention. At the same time, in excessive banking liquidity some countries face problems with financing real sector of economy.

"Protectionism policy remains to be a serious hindrance for surviving the crisis, in particular in developing countries. Despite all declarative statements at meetings of "group 20", such policy gains more and more application," the Uzbek president stated.

Disputes and discussions over key issues such as definition of risk criteria in the banking system and mechanisms of handling risks, level and bounds of state interference in market principles of governing economy.

Problems pending for their solution are testified by international experts' opinions, who urge that survival of global economy from crisis and post-crisis revival might last long and be of difficult character, President Karimov said.

In this respect, for Uzbekistan major task of post-crisis development includes implementation of structural reforms programs and diversification of production, which enrolls refusal from raw direction of economy, upgrade of leading fields of economy, development of powerful modern network of transport and infrastructure communications, the Uzbek president underscored.

"I'm sure that conclusion and recommendations, developed during the forum will be finally applied in practice and contribute increase of anti-crisis programs, strengthening confidence and development of international cooperation in post-crisis rehabilitation of global economy," the Uzbek President believes.

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