The Ministry of Finance of Uzbekistan notes a gradual decline in the shadow sector: over the past 7 years, the volume of the shadow economy in relation to the country's total GDP has decreased several times, Podrobno.uz reports.
On July 31, 2024, Tashkent hosted an International Roundtable on Assessing the Informal Economy. The event was organized by the Center for Economic Research and Reforms and the Statistics Agency of Uzbekistan with the participation of experts, representatives of ministries and international organizations.
The main topic was assessing the shadow economy and its impact on macroeconomic indicators. CERR Director Obid Khakimov noted the importance of statistical data for economic policy and called for an active discussion of the proposed topics.
Experts presented data on the scale of the informal economy and its impact on GDP. According to IMF estimates, Uzbekistan's GDP in 2023 amounted to $101.6 billion, and the volume of gross added value created in the shadow economy in 2023 reached 99.6 trillion soums. Thus, the shadow sector amounted to 8.35% of Uzbekistan's GDP.
IMF representative Koba Gvenetadze noted the merits of the financial apparatus and stated that Uzbekistan is in the process of economic transformation.
IMF expert Levan Gogoberishvili pointed out the need to revise national accounts taking into account the non-observed economy, which will lead to an increase in the nominal level of GDP by 10-12%. It was also announced that the next revision of national accounts is scheduled for 2029.
The participants of the round table noted the importance of further cooperation to integrate informal sectors into the official economy, which will contribute to sustainable economic growth and improve the standard of living of citizens.
A telegram bot was launched in Uzbekistan to combat the shadow economy. President Mirziyoyev noted the particular importance of covering the shadow sector, as it creates obstacles to building an honest business, and called on entrepreneurs to provide full reporting.
CentralasianLIGHT.org
August 6, 2024