UN praises Uzbekistan’s economic development pace

Uzbekistan Materials 2 March 2015 20:49 (UTC +04:00)
Uzbekistan in 2014 reached a stable, high pace in the development of its economy and leading sectors.
UN praises Uzbekistan’s economic development pace

Tashkent, Uzbekistan, Mar. 2

By Demir Azizov - Trend:

Uzbekistan in 2014 reached a stable, high pace in the development of its economy and leading sectors, according to the UN's bulletin on results of socio-economic development of Uzbekistan in 2014 and key priorities in its economic program for 2015, published March 2.

The bulleting was issued as an official document of the 69th Session of the UN General Assembly.

The document says that the country's GDP in 2014 grew by 8.1 percent, the industrial production volumes rose 8.3 percent, agricultural production - 6.9 percent, capital construction 10.9 percent, and retail trade turnover by 14.3 percent.

Around 70 percent of products accounted for finished products with high added value.
Inflation stood at 6.1 percent, which is lower than the forecasted level, while the state budget was executed with a surplus of 0.2 percent of GDP.

Reformation and strengthening of the banking system have created the prerequisites for reducing the refinancing rate of the Central Bank from 12 percent to 10 percent and a corresponding reduction of the interest rate on loans of commercial banks.

Moreover, the document said that the volume of investments in economy increased by 10.9 percent and amounted to the equivalent of $14.6 billion.

Moreover, over 21.2 percent of the total volume of capital investments accounted for foreign investments and loans and 75 percent of them are direct foreign investments. Over 73 percent of the total volume of investments was directed towards industrial construction.

Some 154 large facilities with modern high-tech equipment were commissioned in the leading sectors of the economy.

The country continued to implement measures to support and stimulate domestic producers-exporters, increase the competitiveness of their products and develop new markets.

Systematic measures to improve the business environment and create favorable conditions for the development of small business and private entrepreneurship, including the implementation of the principle of "single window" when creating business, simplification of the mechanism of statistical and tax reporting by small businesses, the expansion of access to raw materials for private entrepreneurs were implemented.

The tasks for preserving the high rates of economic growth, expanding of the structural changes in the economy, modernizing and diversifying of the leading areas of the industry are among the most important priorities and directions of the socio-economic development of the country for 2015, the document said.

Intensifying of the production localization and developing of road transport and engineering-communication infrastructure are also among these tasks.

The measures were determined to reduce the state share in the economy up to strategically and economically reasonable amount, to radically change the principles and approaches in the corporate governance system and to provide with full freedom in the development of private property and private entrepreneurship.

The measures were also determined to create the conditions for the population's employment, growth of the level and quality of their life.

Edited by CN