BAKU, Azerbaijan, Nov .1
By Fakhri Vakilov-Trend:
Uzbekistan’s GDP growth in 2020 will be 5.5 percent, and inflation will be about 13 percent, as stipulated in the draft state budget for 2020, Trend reports citing Uzbekistan’s Ministry of Finance.
In 2021, the government plans economic growth of 5.8 percent, in 2022 - 6.2 percent.
State budget revenues for 2020 are planned in the amount of $13.6 billion (or 20 percent of GDP), which is $1.6 billion more than expected in 2019.
In assessing the expected revenues of the state budget in 2020, factors such as real economic growth, improved tax collection, cancellation of certain tax and customs benefits, as well as factors associated with the expected increase in prices and exchange rates were taken into account.
In 2020, the state budget expenditures are planned in the amount of $13.8 billion, which is 23 percent more than the parameters approved for 2019.
Foreign trade in 2020 is projected at $46.9 billion with a negative balance of $5.8 billion. The main factor behind the growing deficit will be an increase in imports of technological equipment and machinery.
Uzbekistan’s President Shavkat Mirziyoyev held a meeting on Oct. 31, at which the structure of exports, the situation on foreign markets and the position of domestic enterprises in these markets were analyzed.
The Ministry of Investments and Foreign Trade and the Uzbekistan’s Uzcharmsanot Association of leather-shoe and fur-fur enterprises have been given the task of doubling exports by setting up deep processing of raw materials and expanding the production of women's shoes and bags, sports equipment and other types of finished leather haberdashery goods.
The Ministry of Agriculture and the Uzbekozikovkatholding company of food industry were instructed to gradually increase export volumes to $5 billion by rationally placing crops in 55 districs specializing in horticulture and organizing cooperatives along the chain "procurement - purchase - storage/processing - export".
Given that mechanical and electrical engineering goods are of high added value and in constant demand, at the meeting, the responsible persons were instructed to develop trade with neighboring countries and increase exports by two-three times.
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