Review.uz/en - Economic Review

2021-06-10 14:20:07 #ADB will allocate $100 million loan for development of STEM education in Uzbek schools

The project aims to develop STEM education in schools among grades 7-11.

to improve the standards of curriculum and textbooks in STEM sciences;
to train teachers;
to purchase necessary equipment for schools;
to repair school buildings;
to develop educational technologies.

The project envisages improving the system of students' knowledge in Uzbekistan schools.

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2021-06-10 10:47:19 Expert Bakhtishod Khamidov's comments on the minimum consumer spending

In the next issue of the Economic News Analysis project, Head of Sector at Center for Economic Research and Reforms Bakhtishod Khamidov talked about the announced minimum consumer spending.

- The Ministry of Economic Development and Poverty Reduction has set a minimum consumption expenditure of 440,000 soums. What are the positive aspects of these numbers for the border line income group?
- The main purpose of the formation of the MCS is to fight poverty and and help families who earn less than the minimum wage of 440 thousand soums.

- How does the announcement of MCS affect the daily lives of the population?
-The announcement of a limit of 440,000 soums in the next period will serve as a basis for the government in the fight against poverty. Based on this amount, the pensions and social benefits will be reconsidered,
says expert Bakhtishod Khamidov.

Full interview via this link
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2021-06-10 09:01:03 Uzbekistan can boost its economic growth through strategic investments in education, say international experts

The Ministry of Public Education of Uzbekistan and the World Bank jointly organized an International Forum involving dozens of local and international experts in education.

"International experience shows that countries that successfully transitioned from low to high income economies invested strongly in education and determinedly raised the human capital and skills levels of their population", said Marco Mantovanelli, World Bank Country Manager for Uzbekistan.

"Uzbekistan sets very ambitious goals to achieve in the education sector. Namely, the Concept for the Development of Public Education, provides that the country aims to perform among the top 30 in the OECD Program of International Students Assessments (PISA) by 2030," highlighted Sherzod Shermatov, Minister for Public Education of Uzbekistan.

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2021-06-10 08:35:55 Expansion of Uzbekistan’s beneficiary status to GSP+ marks start of new EU-Uzbekistan partnership

Under GSP+ arrangement, the EU will start applying preferential treatment for products imported from Uzbekistan, granting full removal of tariffs on over 66% of tariff lines covering a very wide array of products including, for example, textiles and fisheries - writes Vita Kobiela

Uzbekistan is highly relevant for the EU and its growing importance as a reliable economic partner in the Central Asia region is being recognized.

This importance has been acknowledged not only by the EU as a whole but also by its Member States.

Coming back to the GSP+, it is essential not to underestimate the overall meaning of this event, which is crucial for both the EU and Uzbekistan.

Upgrading Uzbekistan from the GSP to GSP+ marks the beginning of a new path in the EU-Uzbekistan partnership, based on the stable and long-term enhanced cooperation.

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2021-06-09 10:58:05 World Bank retains its forecast for Uzbekistan's #GDP growth in 2021 at 4.8%

Uzbekistan's GDP is expected to grow by 4.8% by the end of the year.
The same figures were predicted by #WB experts in March this year.

The growth of the economy of Uzbekistan in 2021 and 2022 will reach 4.8% and 5.5%, respectively. This is announced in the June issue of the World Bank's report "World Economic Outlook".

Growth in Central Asia is forecast to recover to 3.7% in 2021 and 4.3% in 2022.
a modest rise in commodity prices;
relaxation of production cuts among major oil producers;
increased foreign direct investment.

The global economy is expected to expand 5.6% in 2021, the fastest post-recession pace in 80 years, largely on strong rebounds from a few major economies.

Despite the recovery, global output will be about 2% below pre-pandemic projections by the end of this year.

Per capita income losses will not be unwound by 2022 for about two-thirds of emerging market and developing economies.

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2021-06-09 10:19:06 Why is Uzbekistan relevant for the European Union?

Uzbekistan has been through significant policy changes over the past five years, writes Vita Kobiela, a communications co-lead of Volt Belgium.

Being at the heart of Central Asia, Uzbekistan has geostrategic importance not only for a rising China or historically present Russia but also for the European Union.

First of all, as a transport and transit hub, which lies at the heart of the Chinese New Silk Road Initiative, the Russian Eurasian project and the EU-Asia connectivity strategy, Uzbekistan creates a platform that connects the Eurasian continent and brings worlds’ economies together.

Secondly, a stable and prosperous Central Asian region, confidently and independently balancing between Russian and Chinese influence, leading by the Uzbekistani example, will become a reliable energy partner of the EU.

In 2019, the EU has become a top trade partner to all Central Asian states as a whole region, having 24,1% of their total trade.

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2021-06-08 15:14:23 The European Union allocated 11 million euros to Uzbekistan

The 11 million euros allocated by the EU will be spent on improving food production in the agricultural sector.

The Ambassador of the European Union to Uzbekistan, Ms Charlotte Adriaen highlighted that “The agriculture, food and textile industries employment potential is significant. It is not only key for women and youth, for creating decent jobs and sustainable livelihoods, but also for ensuring food security and creating respectful food systems."

The EU grant budget support is a unique financing instrument, introduced in Uzbekistan for the first time in 2020.

It is based on the agreement with the government of Uzbekistan to sustain a pace of reforms defined in the Uzbekistan Agri-food Development Strategy 2020-2030.

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2021-06-08 08:25:23 Prospects of Economic Cooperation Between Central and South Asia

Yuri Kutbitdinov, Chief Researcher at the Center for Economic Research and Reforms, published an article on Prospects of Economic Cooperation Between Central and South Asia on TOLOnews, one of Afghanistan's leading websites.

Uzbekistan’s foreign policy has created a solid foundation for the development of trade and other economic and investment cooperation between Central Asian countries.

Central Asian countries cover a market area of 75.3 million people. In 2020, the total GDP of the CA countries reached $291.1 billion and foreign trade turnover reached $142.5 billion.

In 2020, the total trade turnover (in goods, excluding trade in services) between Central Asian nations was $12.2 billion and the total foreign trade turnover was $142.5 billion.

It should be noted that all countries in Central Asia are interested in increasing export volumes and diversifying their foreign trade, entering new foreign markets, as well as creating and using new transport routes.

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2021-06-07 07:45:44 #Review of the dynamical development of the financial and banking sector in Uzbekistan for 2017-2020

The radical changes in the banking and financial system of Uzbekistan during the last 4 years, by Leading Researcher of #CERR Khalilullakh Khamidov

As a result of the liberalization of monetary policy, the level of dollarization in the banking sector has decreased significantly.

In 2017 the share of foreign currency assets of banks in total assets was 64%, in 2020 this figure decreased to 50.2%.

Real growth of loans averaged 38.6% per year.

As of January 1, 2021, the total volume of loans which was issued to the economy amounted to 277 trillion soums and increased by 150% compared to 2017.

Read the review via the link

#Infographics

Lending in Uzbekistan in 2017-2020
Main indicators of the financial system of Uzbekistan for 2017-2020

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2021-06-04 10:08:58 Initiatives of the President of Uzbekistan presented at the Wuhan Forum.

Yesterday in Wuhan, representatives of the Uzbek Embassy in China took part in a session of the SCO People's Diplomacy Forum dedicated to strengthening international cooperation in the fight against the pandemic.

Special attention in the speech of Uzbek diplomats was paid to the initiatives of the President of Uzbekistan aimed at consolidating the efforts of the world community to combat the pandemic and overcome its negative consequences.

It was emphasized that the outbreak of COVID-19 and its global spread have actualized close effective cooperation between Uzbekistan and China in the fight against the pandemic.

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