President Mirziyoyev chairs a meeting on economic indicators, future forecasts

President Mirziyoyev chairs a meeting on economic indicators, future forecasts

Tashkent, The Gulf Observer: President Shavkat Mirziyoyev chaired a meeting on financial results for 9 months this year, indicators expected by the end of the year, and macroeconomic forecasts for 2024.

Over the first 9 months of this year, Uzbekistan’s economy grew by 5.8 percent. In particular, industry grew by 5.7 percent, agriculture by 4.1 percent, and the service sector by 12.1 percent.

Despite global markets and logistics difficulties, exports increased by 23.5 percent to US$17.7 billion.

By implementing large industrial and infrastructure projects in economic sectors and regions, 226.6 trillion soums of investments were attracted, which is an increase of 11.8 percent compared to the same period last year.

At the meeting, indicators expected by the end of this year were analyzed.

The Head of state emphasized that the complex and uncertain situation in the world has a negative impact on the economy. Therefore, it is necessary to use internal opportunities to continue sustainable economic growth.

That is why the value-added tax has been reduced from 15 to 12 percent since 2023. Due to this, entrepreneurs have additional funds worth 7 trillion soums at their disposal.

Also, 35 trillion soums have been allocated for improving the regions’ infrastructure, and 19 trillion soums for social support of the population.

As a result, with the global economy projected to grow by 3 percent this year, the domestic economy is expected to grow by at least 5.6 percent.

Measures to maintain stable economic growth rates in 2024 were discussed in detail at the meeting.

As is known, the Uzbekistan 2030 Strategy, adopted in September this year, defines many goals and objectives for sustainable economic development and improving the population’s well-being. The government has been instructed to carefully study the economic program for 2024 through the prism of fulfilling the tasks laid down in the strategy.

It was noted that there are all opportunities and reserves to continue the current growth rate of gross domestic product next year.

Specifically, there is potential for industry growth of 6 percent in 2024 by launching more than 300 projects worth US$13 billion, stabilizing energy supplies, and improving industrial efficiency.

To ensure 15 percent growth in the service sector, it is necessary to fully use untapped opportunities in transport, logistics, agricultural services, insurance, and leasing.

The Head of state noted the need for intensifying the ongoing reforms in transport, water and communal services and to pay special attention to supporting the population and business.