President Shavkat Mirziyoyev hosted a meeting to discuss the anticipated economic results in the current year and the main macroeconomic indicators for 2025.
Despite the difficult situation in the world, our country’s economy has grown by 6.6 percent and industry by 7 percent over the past 9 months by utilizing domestic opportunities.
It is expected that by the end of the year the growth will be at least 6 percent. Gold and foreign exchange reserves this year for the first time exceeded 40 billion dollars. Deposits of the population in the national currency grew by 50 percent.
Reputable international rating agencies also positively assess the stability of Uzbekistan’s ranking. Thanks to the growing confidence of foreign investors eurobonds worth 4 billion dollars were placed in the world market.
As a result, the share of investment in GDP will exceed 33 percent this year. Exports are expected to grow by almost 19 percent.
In general, the International Monetary Fund, the World Bank and the Asian Development Bank confirm that thanks to active investment policy and reforms in Uzbekistan, sustainable economic growth will be maintained in the future.
At the same time, the need to increase the share of high value-added products in industry and exports has been emphasized in the context of intensifying competition in world markets and volatility of prices for raw materials. In this regard, the responsible officials have been tasked to develop a three-year program to lengthen the value-added chain and increase labor productivity in the context of each industry.
Main tasks in the sphere of economy and investments were discussed at the meeting
It was noted that if the main tax rates remain unchanged, the only way to increase budget revenues is to improve tax administration.
The Head of State stressed that this should be done not by interfering in the activities of entrepreneurs, but through digitalization, introduction of artificial intelligence technologies and legalization of the shadow economy.
Special attention was paid to the effectiveness of attracted preferential funds from international financial organizations and other partners.
The meeting also considered economic plans for 2025.
It was noted that there are all possibilities to maintain the growth of gross domestic product next year. This requires the timely launch of planned projects, development of transportation and logistics, information technology, agricultural and financial services.
Instructions have been given to review the effectiveness of benefits and reduce the shadow economy.
Due to the created opportunities, next year 78 districts will be transferred to self-financing of budget expenditures. For this purpose, land tax, property tax and turnover tax in full, as well as 50 percent of income tax will be left in local budgets.
Based on the principle of a social state, it is envisaged to increase the funds allocated to education and health care by 20 percent.
On the basis of the opinions expressed at the meeting, the main directions of the draft state budget for 2025 were defined.
In accordance with the legislation, this draft and measures to ensure its implementation will be discussed in local councils and submitted to the Legislative Chamber of the Oliy Majlis.