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Economy of Uzbekistan

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Economy of Uzbekistan Economy of Uzbekistan Since gaining independence, the has stated that it is committed to a gradual transition to a market-based economy. The progress with economic Economy of Uzbekistan policy reforms has been a cautious one, but cumulatively Uzbekistan has shown respectable achievements. The government is yet to eliminate the gap between the black market and official exchange rates by successfully introducing convertibility of the national currency. Its restrictive trade regime and generally interventionist policies continue to have a negative effect on the economy. Substantial structural reform is needed, particularly in these areas: improving the investment climate for foreign investors, strengthening the banking system, and freeing the agricultural sector from state control. Remaining restrictions on currency conversion capacity and other government measures to control economic activity, including the implementation of severe import restrictions and sporadic closures of Uzbekistan's borders with neighboring Kazakhstan, Kyrgyzstan, and Tajikistan have led international lending organizations to suspend or scale back credits. Working closely with the IMF, the government has made considerable progress in reducing inflation and the budget deficit. The national currency was made convertible in 2003 as part of the IMF-engineered stabilization program, although some administrative restrictions remain. The Commercial buildings in Tashkent [3] agriculture and manufacturing industries contribute equally to the economy, each accounting for about one-quarter of the GDP. Uzbekistan is a Fixed 1 soʻm (UZS) = major producer and exporter of cotton, although the importance of this commodity has declined significantly since the country achieved exchange rates 100 tiyin independence.[4] Uzbekistan is also a big producer of gold, with the largest open-pit gold mine in the world. The country has substantial deposits Fiscal year Calendar year of Silver, strategic minerals, gas, and oil. Trade CIS and ECO; organisations observer status in WTO Contents Statistics GDP and employment GDP $222.3 billion Labor (2017) Prices and monetary policy GDP rank 70th (PPP, 2012) Agriculture GDP growth 7.9% (2015), 7.8% Natural resources and energy (2016), External trade and investment 5.3% (2017e), Banking 5.0% (2018f) [1] Tourism GDP per capita $5,600 (2014 est.) Miscellaneous data GDP by sector agriculture 18.5%, See also industry 32%, References services 49.5% (2014 est.) GDP and employment Inflation (CPI) 12.1% (CPI, 2014 est.) This is a chart depicting the trend of the gross domestic product in Uzbekistan in constant prices of 1995, estimated by the International Monetary Population 14% (2016) Fund with figures in millions of som.[5] The chart also shows the consumer price index(CPI) as a measure of inflation from the same source and below the end-of-year U.S. dollar exchange rate from the Central Bank of the Uzbekistan database.[6] For purchasing power parity comparisons in 2006, poverty line the U.S. dollar is exchanged at 340 som.[7] Gini coefficient 36.8 (2003) Labour force 17.24 million Year GDP (constant prices) US Dollar Exchange CPI (2000=100) (2014) 1992 330,042 1 som 0.07 Labour force agriculture 25.9%, 1995 302,790 36 som 20 by occupation industry 13.2%, 2000 356,325 325 som 100 services 60.9% 2003 402,361 980 som 166 (2012 est.) 2006 497,525 1,240 som 226 Unemployment 4.9% officially, plus another 20% Uzbekistan's GDP, like that of all CIS countries, declined underemployed during the first years of transition and then recovered after (2017 est.) 1995, as the cumulative effect of policy reforms began to Main textiles, food be felt. It has shown robust growth, rising by 4% per year industries processing, between 1998 and 2003, and accelerating thereafter to machine building, 7%-8% per year. In 2011 the growth rate came up to 9%. metallurgy, mining, Chemicals Given the growing economy, the total number of people [2] employed rose from 8.5 million in 1995 to 13.5 million in Ease-of-doing- 77th (2018) business rank 2011.[3] This healthy increase of nearly 25% in the labor External force lagged behind the increase in GDP during the same period (64%, see chart), which implies a significant Exports $13.32 billion increase in labor productivity. Official unemployment is (2014 est.) very low: less than 30,000 job seekers were registered in Export goods energy products, [7] Uzbekistan: Growth of GDP in constant prices 1992-2008. government labor exchanges in 2005-2006 (0.3% of the cotton, gold, labor force).[3] Underemployment, on the other hand, is mineral ferilizers, believed to be quite high, especially in agriculture, which ferrous and accounts for fully 28% of all employed, many of them working part-time on tiny household plots. However, no reliable figures are available due to nonferrous metals, the absence of credible labor surveys. food products, machinery, automobiles The minimum wage, public-sector wages, and old-age pensions are routinely raised twice a year to ensure that base income is not eroded by Main export Switzerland inflation. Although no statistics are published on average wages in Uzbekistan, pensions as a proxy for the average wage increased significantly partners 25.8% between 1995 and 2006, both in real terms and in U.S. dollars. The monthly old-age pension increased in real (CPI-adjusted) sums by almost a China 17.6% [3] factor of 5 between 1995 and 2006. The monthly pension in U.S. dollars was around $20–$25 until 2000, then dropped to $15–$20 between Kazakhstan [8] 2001 and 2004, and now is $64. The minimum wage was raised to $34.31 in November 2011. Assuming that the average wages in the country 14.2% are at a level of 3-4 times the monthly pension, we estimate the wages in 2006 at $100–$250 per month, or $3–$8 per day. Turkey 9.9% Russia 8.4% According to the forecast by the Asian Development Bank, the GDP in Uzbekistan in 2009 is expected to grow by 7%.[9] Meanwhile, in 2010 the Bangladesh Uzbekistan GDP growth is predicted at 6,5%.[9] 6.9% (2015) Imports $12.5 billion (2014 Labor est.) Literacy in Uzbekistan is almost universal, and workers are generally well-educated and trained accordingly in their respective fields. Most local Import goods machinery and technical and managerial training does not meet international business standards, but foreign companies engaged in production report that locally equipment, hired workers learn quickly and work effectively. The government emphasizes foreign education. Each year hundreds of students are sent to the foodstuffs, United States, Europe, and Japan for university degrees, after which they have a commitment to work for the government for 5 years. Reportedly, chemicals, ferrous about 60% of students who study abroad find employment with foreign companies upon completing their degrees, despite their 5-year and nonferrous commitment to work in the government. Some American companies offer their local employees special training programs in the United States. metals In addition, Uzbekistan subsidizes studies for students at Westminster International University in Tashkent—one of the few Western-style Main import China 20.8% partners institutions in Uzbekistan. In 2002, the government "Istedod" Foundation (formerly as "Umid" Foundation) is paying for 98 out of 155 students Russia 20.8% studying at Westminster. For the next academic year, Westminster is expecting to admit 360 students, from which Istedod is expecting to pay for South Korea 160 students. The education at Westminster costs $5,200 per academic year. In 2008 Management Development Institute of Singapore at Tashkent 12% started its work. This university provides high quality education with international degree. Tuition fee was $5000 in 2012. In 2009 Turin Kazakhstan Polytechnik University was opened. It is the only university in Central Asia that prepares high quality employees for industries. With the closing 10.8% or downsizing of many foreign firms, it is relatively easy to find qualified employees, though salaries are very low by Western standards. Salary Turkey 4.6% caps, which the government implements in an apparent attempt to prevent firms from circumventing restrictions on withdrawal of cash from Germany banks, prevent many foreign firms from paying their workers as much as they would like. Labor market regulations in Uzbekistan are similar to 4.4% (2015) those of the Soviet Union, with all rights guaranteed but some rights unobserved. Unemployment is a growing problem, and the number of people FDI stock n/av looking for jobs in Russia, Kazakhstan, and Southeast Asia is increasing each year. Uzbekistan's Ministry of Labor does not publish information Gross external $8.751 billion (31 on Uzbek citizens working abroad, but Russia's Federal Migration Service reports 2.5 million Uzbek migrant workers in Russia. There are also debt December 2014) indications of up to 1 million Uzbek migrants working illegally in Kazakhstan.[10] Uzbekistan's migrant workers may thus be around 3.5-4 million Public finances people, or a staggering 25% of its labor force of 14.8 million.[3] The U.S. Department of State also estimates that between three and five million Public debt Uzbek citizens of working age live outside Uzbekistan.[11] 7.5% of GDP (2014 est.) Prices and monetary policy Revenues $18.67 billion (2014 est.) Uzbekistan experienced galloping inflation of around 1000% per year immediately after independence (1992–1994). Stabilization efforts Expenses $19.27 billion implemented with active guidance from the International Monetary Fund rapidly paid off, as inflation rates were brought down to 50% in 1997 (2014 est.) and then to 22% in 2002. Since 2003 annual inflation rates averaged less than 10%.[7] Economic aid $172.3 million The severe inflationary pressures that characterized the early years of independence inevitably led to a dramatic depreciation of the national from the U.S.
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