On February 13 this year the Cabinet of Ministers of the Republic of Uzbekistan held its session dedicated to the outcomes of social and economic development of the country in 2008 and the most important priorities of sustainable development of economy in 2009.

President of the Republic of Uzbekistan Islam Karimov took a floor at the session, according to the Uzbekistan National News Agency.

President said that as a result of gradual implementation of the program of social and economic development of Uzbekistan the country secured the tendencies of high, sustainable and balanced economic growth rates and macroeconomic stability.

At the same time, Uzbekistan ensures positive changes in addressing the long-term tasks in terms of radically altering the structure, diversifying and modernizing the economy, increasing employment and well being of people.

On the outcomes of 2008 the GDP of the country grew by 9 percent, the volumes of production of industrial goods – by 12,7 percent, agriculture – by 4,5 percent, construction works – by 8,3 percent, and services – 21,3 percent. The State budget has been implemented with a surplus, while the inflation rate did not exceed the forecast indicator.

The active investment policy has allowed to increase the volume of assimilated investments towards major capital by 28,3 percent, including the direct foreign investments and credits – by 71,2 percent. On many types of industrial products Uzbekistan has cut down or fully abandoned the dependency from imports thanks to gradual increasing of production localization level.

At the same time, the country continues to dynamically develop small businesses and private entrepreneurship, the sphere of services and home-stay labor. The net share of small businesses in the GDP rose up to 48,2 percent, sphere of services – up to 45,3 percent.

Uzbekistan continues to ensure the sector-wise and regional diversification of foreign trade, as well as increases the trade turnover with growing Asian market. Thus, the positive balance in foreign trade turnover increased for 1,8 times.

The banking and financing system is actively developing and strengthening. The cumulative capital of banks compare to the year 2007 grew by 40 percent. The growth of people’s deposits with banks by 65,3 percent for over the past year serves as a vivid testimony of firmness of population’s trust to domestic banking system.

As a part of the Year of youth State Program Uzbekistan implemented measures worth 1,363,5 billion Uzbek soums in terms of materially and morally supporting the youth, creating new jobs for them, bettering housing and daily communal conditions of young families, increasing quality of education of young men and women.

The achievements of Uzbekistan in social and economic development in 2008 – the year, which became a test of firmness for the economies of many countries of the world due to the unfolded world financial and economic crisis, have once again confirmed the rightness of development model chosen by Uzbekistan, as much as the sustainability of country’s economy and reliability of its banking and financial system.

Uzbekistan’s solid macroeconomic stance, availability of significant resources to finance the purposeful measures which provide for economic growth have been highly assessed by IMF mission, which visited the country in late 2008.

With a view of further neutralizing the impact of the world financial and economic crisis on the nation’s economy Uzbekistan has started and now continues to implement measures as a part of the Anti-crisis program adopted in the country.

Uzbekistan accomplishes the systemic and purposeful measures to support enterprises of major sectors of economy, above all, the enterprises-exporters, to allocate them financial, credit and tax benefits, to further increase capitalization of the banking sector, to develop production and social infrastructure, especially in the countryside area, as well as to create new jobs.

While speaking at the session President Islam Karimov drew attention to the available unaddressed problems and has dwelled on the policy tasks in terms of implementing priorities and directions of social and economic development of Uzbekistan for 2009.

IA "Jahon"