Sunday, 16, June, 2024

Volume of Uzbekistan’s shadow economy is estimated at from 25% to 45% to the GDP. This figure was announced at a meeting of the Senate today by the Deputy PM/Minister of Economy and Finance Jamshid Kuchkarov.

“This is a lot. If we talk about areas with the highest level [of the shadow economy], then this is construction, trade, including bars and restaurants, and services sectors,” he said.

According to him, to draw the informal economy into the formal economy, a draft presidential resolution has been prepared, together with the Presidential Administration, which is in the final stages of approval.

“It provides for several areas, including reducing cash circulation. It's not in the old fashion-way (Ed.: during the late Karimov’s administration). We are talking about paying some payments only through bank cards and other issues,” said Jamshid Kuchkarov.

He said he would not elaborate o all the measures because the document had not yet been adopted, and suggested sending the resolution to Senate Chairwoman Tanzila Narbaeva, who asked about the shadow economy, or to a Senate committee after it was approved.

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