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    Uzbekistan Economics

    IMF reports drop in Uzbekistan's poverty rate from 14.1% to 11%

    IMF reports drop in Uzbekistan's poverty rate from 14.1% to 11%

    The rate of poverty in Uzbekistan experienced a decline from 14.1% at the start of 2023 to 11% by the beginning of 2024, as reported by Abdih Yaser, head of the International Monetary Fund mission, during a meeting with Minister of Poverty Alleviation and Employment Behzod Musaev.

    Photo: IMF hails President Mirziyoyev's reforms as Uzbekistan's poverty rate declines
    Source: Government portal of the Republic of Uzbekistan

     

    Yaser underscored the pivotal role of President Shavkat Mirziyoyev's leadership in driving comprehensive reforms across various sectors, which have ultimately contributed to the substantial progress witnessed in poverty reduction and employment generation efforts.

    Highlighting specific statistics, Yaser elaborated that the unemployment rate had declined from 8.9% in early 2023 to 6.8% by the start of 2024. He emphasized that such a reduction merits acknowledgment from the IMF mission, reflecting Uzbekistan's commitment to fostering economic stability and prosperity.

    Photo: Uzbekistan and IMF join hands for poverty alleviation by 2030
    Source: Government portal of the Republic of Uzbekistan

     

    In addition to discussing the positive trends in poverty alleviation and employment, the meeting delved into various aspects of Uzbekistan's labor market dynamics. Topics included the trajectory of wage growth, initiatives to curb informal employment, and endeavors towards gender equality within the workforce. 

    Both parties reaffirmed their commitment to the joint initiative dubbed "Uzbekistan - 2030," aimed at furthering cooperation and strategic alignment in addressing these critical issues.

    Amid the cordial exchange, members of the delegation had the opportunity to pose inquiries on a range of pertinent topics, receiving comprehensive responses from Uzbekistan's officials.

    As per a recent report from the Centre for Economic Research and Reforms (CERR) and the UN Children's Fund, Uzbekistan has also experienced a decrease in child poverty. The study indicates a decline from 21.5% in 2021 to 13.7% in 2023. The Navoi region and Tashkent city exhibit the lowest child poverty rates, while the Syrdarya and Jizzakh regions demonstrate higher levels. By analyzing data from a household budget survey covering over 16,000 families nationwide, researchers observed notable variations in poverty reduction between rural and urban areas. Rural child poverty rates decreased from 24.6% to 14.5%, while urban rates saw a drop from 18% to 13%.

    The research indicated that the lack of social transfers may elevate the general poverty rates from 11% to 20.8%, child poverty from 13.7% to 21.8%, and poverty among pensioners from 7.3% to 31.4%. This underscores the significance of the social protection system in mitigating poverty.

     

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    06.05.2024, 11:00   Comments (0)   1917
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