Monday, 21, September, 2020

Economy

The recovery of the Uzbek economy is expected to be gradual as the lockdown shock fades away, the Central Bank said. However, the return to the pre-crisis figures will take some time due to the relatively low growth in the households’ incomes, and due to the more cautious behavior of economic agents when making decisions.

Roodell has announced plans to launch assembly of KIA Seltos and K5 - at the ADM-Jizzakh plant in the Jizzakh free economic zone, the company said in a statement.

Uzbekistan’s shadow economy reaches 48% of GDP (245 trillion soums, or US$ 24 billion), the State Tax Committee (STC) said in a report.

With over 34 million citizens – the largest population in Central Asia, rich reserves of natural resources, and relatively well-developed infrastructure, Uzbekistan has the potential to become one of the strongest economies in the post-Soviet area.

On September 8, the Deputy PM Sardor Umurzakov, had a videoconference with the First Deputy PM/Minister of International Trade and Industry of Malaysia, Mohamed Azmin Ali.

The Ministry of Trade and Integration of Kazakhstan told details about the construction of the Kazakh-Uzbek analogue of the Khorgos International Center for Trade and Economic Cooperation (ICTEC), LS reported.

An Uzbek-Turkish technopark will be set up in the Olmazor district of Tashkent city, the Ministry of Innovative Development of Uzbekistan said.

The President Shavkat Mirziyoyev signed the Measures to organize construction of a new 1,500 MW capacity thermal power plant in Syrdarya province Decree.

Lockdown measures have led to a decline in economic activity and, as a result, to a decrease in revenues to the treasury. Such a conclusion can be drawn from the commentary on the budget revenues, published by the Ministry of Finance.

The Uzbekistan unemployment rate in June topped 13.2%, a 4.1 pp increase to the last year, the Ministry of Employment and Labor Relations reported.