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    World

    Uzbekistan’s underground economy accounts for up to 45% of nation's GDP

    Uzbekistan’s underground economy accounts for up to 45% of nation's GDP

    Uzbekistan’s Deputy Prime Minister and Minister of Economy and Finance, Jamshid Kuchkarov, has revealed that the country’s underground economy could account for up to 45% of its gross domestic product (GDP). This disclosure was made during a recent Senate meeting.

    Photo: Uzbekistan has been undergoing economic and social reforms under President Shavkat Mirziyoyev
    Source: Daryo
    Kuchkarov, an economist and statesman who has held various key positions in the Uzbek government since 2017, highlighted that the hidden economy is particularly prevalent in the construction, trade, and service sectors. He emphasized the need for rigorous efforts to combat this issue, stating, "We have to work hard to fight against the underground economy. If we compare its scale with the official economy, according to some estimates, it can be 25-45%. This is a very high indicator."

    In line with this, the government, in collaboration with the President’s administration, is preparing a presidential decision aimed at addressing this problem. The document, which is currently being finalized, includes a range of measures, one of which involves reducing cash circulation. 

    These revelations align with an analysis by the Institute of Macroeconomic and Regional Studies (IMRS), which estimated that the share of the hidden economy in the republic could reach between 40 to 60% of the GDP.

    Photo: Uzbekistan's underground economy is estimated to account for up to 45% of its GDP
    Source: Freepik

    Uzbekistan, a lower-middle-income economy, has been undergoing significant economic and social reforms since the election of President Shavkat Mirziyoyev. The country is known for its substantial mineral, oil, and gas reserves, and is among the world’s leading cotton producers. However, despite significant progress in transitioning to a market economy, there is a need to complete this process and shift urgently towards a greener and more equitable economic model. 

    The World Bank has been actively supporting Uzbekistan’s reform process and has rapidly increased its presence in the country. The bank recently approved a Development Policy Operation to financially support the government of Uzbekistan in implementing a new generation of economic, social, and climate reforms.

     

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    20.12.2023, 15:32   Comments (0)   1629
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