NEWS AND EVENTS
March 31, 2015
Economy on the Upsurge
Today, experts from around the world study the Uzbek model of economic development seeking to understand how the country maintains high growth rates of the real economy despite the expected decline in export demand amidst global instability in foreign markets. Last year alone, the industrial production volumes in the country rose by 8.3%, reaching 75.1 trillion soums (currency rates of CB RU from 31.03.2015 1$= 2490.20 soums).
The state industrial policy – the ‘producer’ of high growth rates - is grounded on integrated measures on the creation of high-tech and competitive segments of the national economy through the modernization of enterprises, innovations, the creation of high-performance jobs, and human capacity building.
According to experts, the increase in labor productivity by 6.5% remarkably impacted the production growth. Hundreds of projects on technological extension of enterprises, advanced staff training, and introduction of modern management solutions were completed last year across the country, thus significantly increasing labor productivity, and consequently reducing the production costs.
Uzbekistan is also unique in the steadily increasing welfare, which has been significantly contributing to shaping demand for consumer goods. Each second family has its own car, and almost everyone has cutting-edge gadgets and appliances like tablets and cell phones, laptops, TVs, refrigerators and others.
It stands to reason that the country has developed and is taking certain measures to expand the range and scope of domestic production of consumer goods that would replace expensive imported counterparts.
Last year, the domestically produced consumer goods totaled 29.7 billion soums with an increase of 9.4%. The share of consumer goods in the total volume of industrial production reached 36.4%.
The contribution of ‘small economy’ is equally significant. The ongoing measures on further improvement of the business environment and support of entrepreneurship have helped to increase the share of small business in industrial production to 31.9% against 28.1% in 2013.
(Source: «Uzbekistan Today» newspaper)