Economy

The radical changes in the banking and financial system of Uzbekistan during the last 4 years, by Chief Researcher of the Center for Economic Research and Reforms Khalilullakh Khamidov

The Center for Economic Research and Reforms (CERR) developed the Auction Bidding Performance Index (Index), which assesses the effectiveness of the results of the organization and implementation of procurement processes by government customers.

Despite the ongoing pandemic in the world, the economy of Uzbekistan has reached record growth rates.

The Center for Economic Research and Reforms (CERR) regularly analyzes changes of demand in the real estate and car markets. A gradual increase of demand in these markets during January – June indicates economic recovery in Uzbekistan.

The Republic of Uzbekistan, in order to form and develop a free civil society, has set itself the most important task − the further implementation of the fundamental principle of state and social construction in Uzbekistan.

Uzbekistan is still living transition period to shift from centrally planned economy legacy to a full-fledged market economy.

The foreign policy of Uzbekistan, which is aimed at rapprochement and strengthening good-neighborly, friendly and mutually beneficial relations with neighboring states, has created a solid foundation for the development of trade, economic and investment cooperation between the countries of Central Asia (CA).

Today, domestic and foreign experts agree that the large-scale structural reforms undertaken in the country have mitigated the negative socio-economic consequences of the global coronavirus pandemic. It has been noted that the government's decisive response allowed Uzbekistan to demonstrate positive economic growth of 1.6%[1].

Despite the coronavirus pandemic, the bilateral relations between Uzbekistan and the European Union continue to actively develop and became comprehensive and productive.

Inflation in Uzbekistan was historically relatively high, and in recent years there has been a further acceleration of inflation in effect of structural reforms in the economy, liberalization of regulated prices, changes in tax policy and rising incomes. This raised the issue of reducing inflation in order to ensure macroeconomic stability.