RIYADH: Uzbekistan’s Cabinet met this week to assess the country’s socioeconomic development in 2009 and set the government’s main priorities for 2010.
Speaking to the ministers, President Islam Karimov said the country managed not only to withstand the challenges of the global crisis, but ensure stable economic and social growth, thanks to a proper modernization strategy and mobilization of efforts to implement the 2009-2012 Anti-Crisis Program.
Macroeconomic stability and stable economic growth rates are a proof of the correctness of the economic course chosen by Uzbekistan, the president noted.
In 2009, the GDP of Uzbekistan increased by 8.1 percent, industrial production by 9 percent, agricultural production by 5.7 percent, retail trade turnover by 16.6 percent and paid services by 12.9 percent.
The state budget was implemented with a surplus without spending cuts, while the inflation level at 7.4 percent did not exceed forecasts, Karimov said.
The measures to strengthen the banking and financial sector have allowed to double the cumulative capital of the banks in the past two years, while the share of bank credits used for investment purposes has reached 70 percent.
The country has implemented a complex of measures to ensure financial stability, mainly through modernization of production, cost cuts, expansion of cooperative ties among local companies and stimulating internal demand. The volume of localized production increased 2.3 times last year, with the launch of more than 120 new products, while the export volumes increased by 2.4 percent.
Uzbekistan has pursued the policy of structural transformation and diversification of the economy, modernization and technical renewal of production, and attraction of investments, mainly foreign ones. New production capacities were launched last year in the automobile building, construction materials, chemical, food, light, pharmaceutical and other industries. Car and railway transport systems and communications have also seen extensive development.
The anti-crisis measures in 2009 helped create more than 940,000 new workplaces, including over 500,000 in rural areas.
Karimov also touched upon the most important tasks in the country’s socio-economic development in 2010. The president entrusted the heads of ministries, economic management bodies, as well as local authorities, to take required measures to continue and deepen economic reforms, implementation of strategic investment projects and strengthening the banking and financial system.
Karimov also highlighted the importance of the implementation of all measures included in the 2010 state program “Year of Harmoniously Developed Generation,” speeding up construction of rural housing and infrastructure, increasing employment and people’s incomes.
(Dr. Sharustam Shamusarov is professor of Russian language and translation at the College of Languages and Translation, King Saud University, Riyadh.)
