President Shavkat Mirziyoyev discussed the expected results in the economy this year and the main macroeconomic indicators planned for 2025 in a meeting that took place.
Despite the difficult situation in the world, by leveraging domestic opportunities, our country's economy grew by 6.6% and industry by 7% in the past nine months. A minimum of 6% growth is expected by the end of the year.
For the first time this year, the gold and foreign exchange reserves exceeded 40 billion dollars. The deposits of the population in the national currency increased by 50%.
The world's prestigious rating agencies also positively assess the stability of Uzbekistan's rating. Confidence of foreign investors led to the placement of Eurobonds worth 4 billion dollars in international markets.
As a result, this year's share of investments in the gross domestic product is expected to exceed 33%. Exports are expected to grow by nearly 19%.
Overall, the International Monetary Fund, the World Bank, and the Asian Development Bank confirm that due to an active investment policy and reforms, Uzbekistan will continue to maintain stable economic growth in the future.
At the same time, it was emphasized that, given the current conditions where competition in world markets is intensifying and raw material prices are rapidly changing, it is necessary to increase high-value-added products in industry and exports. From this perspective, officials were tasked with developing a three-year program to increase the value-added chain and labor productivity in each sector.
Main tasks in the economy and investment fields were discussed during the meeting.
It was noted that the only way to increase budget revenues while keeping the main tax rates unchanged is to improve tax administration.
The head of our state emphasized that this should be achieved not by interfering in the activities of entrepreneurs, but through digitalization, artificial intelligence, and bringing the shadow economy “into the light”.
Special attention was paid to the efficiency of the concessional funds attracted from international financial organizations and other partners.
The economic plans targeted for 2025 were also reviewed in the meeting.
It was noted that there is every possibility to maintain the growth of the gross domestic product for the next year. For this, it is necessary to launch planned projects on time and to develop transportation-logistics, information technologies, agriculture, and financial services.
Tasks for examining the efficiency of benefits and reducing the shadow economy were given.
Thanks to the created opportunities, next year, 78 districts will transition to covering their budget expenditures independently. For this, the full amount of land, property, and turnover taxes, and 50% of income tax, will remain at their disposal.
Following the principle of the social state, it is intended to increase the funds allocated for education and healthcare by 20%.
Based on the opinions expressed at the meeting, the main directions of the State budget project for 2025 were determined.
In accordance with the legislation, this project and the measures to ensure its execution will be discussed in the local Councils and finally submitted to the Legislative Chamber of the Supreme Assembly.
