ECONOMY

Lola SULTANOVA, Albina GAISINA

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Lola Sultanova, Ph.D. (Econ.), lecturer, Tashkent State University of Oriental Studies (Tashkent, Uzbekistan)

Albina Gaisina, M.A. (Econ.), independent researcher (Tashkent, Uzbekistan)

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Compared to other countries of Central Asia and the Caucasus, the economy of Uzbekistan has a number of specific features, which explain many processes at work in this sphere.

Here are some of the factors influencing economic development: extreme remoteness of export-import markets; vast distances to sea routes and advanced economies; agrarian-industrial nature of economic activity; the largest population in the region, young and rapidly growing; abundant natural resources; traditions of the region’s cultural and infrastructural center, including the location of the largest megalopolis in the Asian part of the CIS (Tashkent, the republic’s capital); a significant potential of business skills and abilities in the people’s mentality and their propensity toward small business and trade; rapidly growing inflows of remittances from abroad, and other factors.

Over the past three years, including 2006, the republic has demonstrated high rates of growth in the economy and international reserves, a current account surplus, etc. But as in other CIS countries, quantitative economic growth is accompanied by a certain worsening of qualitative indicators. This includes a significant increase in the number of loss-making enterprises; a slowdown in labor productivity growth; degradation of land in agriculture; intensifying migration processes; inadequate share of value added in output, including exports; loss of……………

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