CERR Director Obid Khakimov on the factors of economic growth of Uzbekistan (+video)

— Since 2017, the ongoing reforms have been the main factor contributing to stable economic growth. For example, currently, due to geopolitical complexities, difficulties in transportation routes, and trade, the pace of economic growth in many countries around the world is declining.

Nevertheless, Uzbekistan's economy grew by 6.4% in Q2, while industry increased by 7.8% and agriculture by 3.8%. This confirms the effectiveness of the implemented reforms, which ensure stable economic growth.

— If in 2017-2018 the economy of Uzbekistan exceeded $50 billion, then by the end of 2023, GDP reached $91 billion, which is a 1.6-fold increase.

According to our forecasts for 2024, the economy of Uzbekistan will exceed $100 billion, which will allow the country to enter the list of the largest economies in the world, taking 60-70th place in the world.

Uzbekistan demonstrates significant economic potential and, thanks to the ongoing reforms, establishes itself as an equal partner among other developed countries.

— Following the meeting on the results of the work done in the first half of this year, I made two main conclusions.

First, our reforms are impressive, and their results are reflected in the numbers. This, in turn, is confirmed by international organizations such as the IMF and the World Bank.

However, the situation in the world is becoming more complicated, and the economic environment is becoming more challenging, so we are already adapting our economy to these changes.

So, our goal is to become one of the countries with a high average income by 2030 and, importantly, to significantly reduce the poverty level. We strive to maintain the achieved results in poverty reduction and improve the well-being of the population in the coming years. To do this, it is necessary to make changes in economic policy, and all the proposed changes were described in detail by the head of state.

— If we talk about the three key complexes, priority tasks were identified for the economic, construction, and investment sectors.

According to the course outlined by the President of Uzbekistan, since 2017, the priority has been the development of industry, which includes attracting investments and rational use of resources. As a result of these efforts, the industrial sector is showing growth of 7.8%.

Industrial production ensures the creation of high-paying jobs, contributes to a long-term increase in labor productivity, and opens up new export markets, which ultimately strengthens the competitiveness of the economy.

The expert also noted the stable economic growth that has been observed in the country since 2017. The most significant level of economic growth after the pandemic was recorded in 2021 and amounted to 7.4%. The next significant result was achieved in the first half of 2024 when growth reached 6.4%.

During the interview, Obid Khakimov spoke about the activities of the Centers for Sustainable Development being established in each region.

— In the process of economic development, the task of developing scientifically based policies is always set. The up-to-date requirement put forward by our President is that each region develops its strategic plans and measures based on scientifically based methods, which will increase efficiency.

Therefore, Centers for Sustainable Development are being created in each region.

The main tasks of these Centers are to identify the existing opportunities and advantages of each region, which need to be communicated to potential investors. Additionally, to determine the specialization of each district and settlement, study business development, and draw appropriate conclusions.

It is important that every sum is used with maximum efficiency.

CERR Public Relations Sector