Despite Global Challenges
During the meeting, it was noted that despite the complex situation in the world, the economy of our country has grown by 6.6% and the industrial sector by 7% over the past nine months, thanks to the utilization of internal resources.
It is expected that by the end of the year, growth will reach at least 6%. For the first time this year, gold and foreign exchange reserves have exceeded 40 billion dollars. Deposits of the population in the national currency have increased by 50%.
Due to the growing confidence of foreign investors, eurobonds worth 4 billion dollars have been placed in the global market.
As a result, this year the share of investments in GDP will exceed 33%. Exports are anticipated to grow by nearly 19%.
Overall, 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 experience stable economic growth.
Future Tasks
At the same time, the head of state emphasized the need to increase the share of high value-added products in industry and exports in light of intensifying competition in global markets and fluctuating raw material prices. In this regard, responsible officials have been tasked with developing a three-year program to extend the value-added chain and improve labor productivity across each sector.
It was noted that while maintaining the main tax rates, the only way to increase budget revenues is through the improvement of tax administration.
The head of state highlighted that this should not occur through interference in the activities of entrepreneurs, but rather through digitalization, the implementation of artificial intelligence technologies, and the legalization of the shadow economy.
Special attention was paid to the effectiveness of the attracted concessional funds from international financial organizations and other partners.
Regarding plans for the next year, which were discussed at the meeting, all possibilities for maintaining GDP growth were noted. Timely launch of planned projects, development of transportation and logistics, information technologies, and agricultural and financial services are required for this.
The President issued directives to review the effectiveness of incentives and reduce the shadow economy.
Thanks to the created opportunities, next year 78 districts will transition to self-financing of budget expenditures. For this, land tax, property tax, and turnover tax will remain fully in local budgets, as well as 50% of income tax.
Based on the principle of a social state, an increase in funds allocated for education and healthcare by 20% is planned.
The main directions of the state budget project for 2025 have been determined based on opinions expressed during the meeting.