Key macroeconomic indicators for next year were discussed

A meeting was held under President Shavkat Mirziyoyev to discuss expected economic results for the current year and key macroeconomic indicators for 2025, the press service of the head of our state reports.

Despite the difficult situation in the world, due to the use of internal opportunities over the past 9 months, the economy of our country has grown by 6.6 percent, industry – by 7 percent.

It is expected that by the end of the year, growth will be at least 6 percent. Gold and foreign exchange reserves exceeded 40 billion dollars for the first time this year. Deposits of the population in national currency increased by 50 percent.

Reputable international rating agencies also positively assess the stability of Uzbekistan’s rating. Thanks to the growing confidence of foreign investors, Eurobonds worth 4 billion dollars were placed on the world market.

As a result, the share of investments in GDP will exceed 33 percent this year. Exports are expected to grow by almost 19 percent.

In general, the International Monetary Fund, the World Bank and the Asian Development Bank confirm that, thanks to an active investment policy and reforms, Uzbekistan will continue to enjoy sustainable economic growth.

At the same time, the need to increase the share of high value-added products in industry and exports was emphasized in the context of increased competition in global markets and volatility in raw material prices. In this regard, the responsible persons were tasked with developing a three-year program to extend the value chain and increase labor productivity in each industry.

The meeting discussed the main tasks in the field of economics and investment.

It was noted that while maintaining the main tax rates, the only way to increase budget revenues is to improve tax administration.

The head of state emphasized that this should not happen through interference in the activities of entrepreneurs, but through digitalization, the introduction of artificial intelligence technologies and the legalization of the shadow economy.

Particular attention was paid to the effectiveness of the attracted preferential funds from international financial organizations and other partners.

The meeting also considered economic plans for 2025.

It was noted that there are all the opportunities to maintain the growth of the gross domestic product next year. This requires the timely launch of planned projects, the development of transport and logistics, information technology, agricultural and financial services.

Instructions were given to review the effectiveness of benefits and reduce the shadow economy.

Due to the created opportunities, 78 districts will be transferred to self-financing of budget expenditures next year. For this purpose, land tax, property tax and turnover tax in full, as well as 50 percent of income tax will be left in local budgets.

Based on the principle of a social state, it is envisaged to increase funds allocated for education and healthcare by 20 percent.

Based on the opinions expressed at the meeting, the main directions of the draft state budget for 2025 were determined.

In accordance with the legislation, this project and measures to ensure its implementation will be discussed in local Kengashes and submitted to the Legislative Chamber of the Oliy Majlis.