Information-analytical review “Economy of Uzbekistan” Ekonomika_engl | Página 5

1. MACROECONOMIC INDICATORS
1.1. Economic Growth
In 2007, the Government focused its efforts on the practical implementation of the following stra-
tegic priorities of reforming the economy:
а) ensuring sustainable and balanced economic growth rates, further expansion of reforms in the
banking and finance sector;
b) restructuring and modernizing the economy through technical and technological upgrading of
prime industries and intensifying efforts in every way possible to raise foreign investments, primarily
direct investments;
c) all-round support to accelerate business development, in the first instance small and private
businesses, addressing on this basis the problems related with employment and welfare gain of the
population;
d) consistent reduction of presence of state in the economy;
e) intensifying reforms in public utilities;
f) ensuring a consistent increase in the salaries and improvement of the quality of life as well as imple-
mentation of the most important targeted comprehensive and sectoral development programs.
…Our main objective as before is to ensure macroeconomic stability, sustainable and balanced
growth rates of the economy, continue the structural reforms, modernize and renovate the leading
branches of the economy through increased raising of the investment. For 2008, we set ourselves an
objective to achieve 8% growth in GDP, 9.6% growth in industrial output, 5% growth in agriculture, 17%
increase in investments in industrial output. We envisage maintaining the inflation rate at the level of
2007 or 6-8 %.
I.A. Karimov. “Ensuring the priority of human interests is the main goal of all reforms and transformations
implemented». Address at the meeting of Cabinet of Ministers dedicated to the outcomes of social and economic
development of the country in 2007 and most important priorities of deepening the economic reforms in 2008.
As a result of the steps taken, positive trends in the development of the country’s economy have
been strengthened. Over 2007, sustainable high GDP growth rates, that exceeded each quarter the
9 % threshold and accounted for 9.5 % compared with 2006 (7.5 % in 2006) have been secured.

...I would like to specifically stress that the sustainable growth of Uzbek economy is ensured not
by means of extensive factors, increasing extraction of hydrocarbon material in the conditions of con-
sistently high prices for oil, gas and other raw materials resources. The mere fact that the economic
growth is ensured primarily by means of consistent implementation of all-round circumspect policy
of systemic market reforms and raising foreign investments, deep structural transformations in the
economy, modernization and renewal of production, establishing new export-oriented industries and
businesses, accelerated business and private entrepreneurship development acquires fundamental
importance.
I.A. Karimov. “Ensuring the priority of human interests is the main goal of all reforms and transformations
implemented». Address at the meeting of Cabinet of Ministers dedicated to the outcomes of social and economic
development of the country in 2007 and most important priorities of deepening the economic reforms in 2008.
On GDP growth rates Uzbekistan (109.5%) came fourth among CIS countries after Azerbaijan
(125%), Armenia (113.7%) and Georgia (112.7%), having outpaced Russia (108.1%), Kazakhstan
(108.2%) and Ukraine (107.3%). On industrial growth rates Uzbekistan (112.1%) showed the second
highest result behind Azerbaijan (124%).
GDP growth rates stably exceeded the population growth rate. If in 2006 1% of population growth corre-
sponded to 6.1% of GDP growth, in 2007 it corresponded to 6.8%. In 2007, per capita GDP grew by 8%.
Uzbekistan Economy
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