WB: Uzbekistan can ensure uninterrupted economic growth at 7-8 percent

Business Materials 11 July 2011 17:23 (UTC +04:00)

Uzbekistan , Tashkent , July 11 / corr Trend D . Azizov /

Uzbekistan can ensure sustainable economic growth at 7 - 8 percent by using potential of industrialization , World Bank Chief Economist and Senior Vice President, Development Economics Justin Yifu Lin said to a news conference .

" Uzbekistan could fully ensure its development on the level of 7 - 8 percent within 10 years uninterruptedly, as it occurred in East Asia," he said. "I am . loyal to this position . "

Lin said Uzbekistan achieved very good macroeconomic indices in the process of transition to market relations with minimal cut in economic activity and did not feel economic downfall during recent global financial crisis. The country is demonstrating high economic growth rate , which could become more intensified by simulating industrial upgrade and diversification , as well as use of priorities of later entrance to world industrial markets .

At the same time, policy in the fields of trade, finance and private sector is reviewed with consideration of changes in the global economy and achievements of Uzbekistan, Lin added.

According to Lin, Uzbekistan, which is referred to countries with low per capita income , possesses huge potential of industrialization for achieving sustainable economic growth.

Uzbekistan possesses tremendous raw resources , which could be developed by attracting investment , qualified, educated and disciplined work forces - workers and specialists , while the country's state budget is well balanced.

Mr. Justin Yifu Lin visited Uzbekistan on July 7 through 10 with Mr. Motoo Konishi, World Bank Country Director for Central Asia as well as Mr. Takuya Kamata, World Bank Country Manager for Uzbekistan, and several other World Bank staff.

Lin met with First PM and Minister Finances Rustam Azimov to discuss prospective directions of cooperation, which target bringing Uzbekistan to a level of industrially developed countries and increase the per capita income to an average level .

Lin delivered an open public lecture on "Uzbekistan: New Strategies and Opportunities for Structural Transformation" at the Institute of Forecasting and Macroeconomic Research , held meetings with representatives from research centers and academ y , leading local and foreign companies, financial institutes.

Justin Yifu Lin joined the World Bank in June 2008 as the first Chief Economist . He is involved in intellectual management in the bank by playing a key role in formulating the organization's economic researches program .

Uzbekistan obtained membership at the WB in 1995. Over the past period the bank allotted to Uzbekistan a total of $1.7 billion in loan and credit to realize project in the fields of privatization, private sector development , upgrade of agriculture , electric power , improvement of social infrastructure, health and education.