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30 n 0 Q IMPROVING UZBEKISTAN'S POSITION IN INTERNATIONAL RATINGS L U L O AND INDEXES: THEORY, PRACTICE, AND STRATEGY
IMPROVING UZBEKISTAN'S POSITION IN INTERNATIONAL RATINGS AND INDEXES BY EFFECTIVE USE OF THE UZBEKISTAN'S BUDGET IN DEVELOPING
ECONOMIC COMPLEXES Jamolov Bejan Xurshidovich
ORC ID: 0000-0003-0388-5329 Master Student of Tashkent state universityof Economics b.jamolov@tsue.uz https://doi.org/10.5281/zenodo.10136896
Annotatsiya. Ushbu maqolada O'zbekistonning Global Innovatsiyalar Indeksi (GII) va Global Raqobatbardoshlik Indeksi (GIC) kabi xalqaro reytinglarda o'z o'rnini yaxshilash borasidagi sa'y-harakatlari o'rganiladi. Unda mamlakatning iqtisodiy ko'rsatkichlari, jumladan, YalMning real o'sishi, savdo taqchilligi, joriy hisob taqchilligi, valyutaning qadrsizlanishi, byudjet taqchilligi va qashshoqlik darajasi o'rganiladi. Shuningdek, tadqiqotda O'zbekistonning 2023-yilga mo'ljallangan iqtisodiy istiqboliga ta 'sir etuvchi ehtimoliy xavflar va ijobiy omillar tahlil qilingan.
Калит сузлар: O'zbekiston, xalqaro reytinglar, Global innovatsiyalar indeksi, Global raqobatbardoshlik indeksi, iqtisodiy ko'rsatkichlar, YalM o'sishi, savdo kamomadi, joriy hisob taqchilligi, valyuta qadrsizlanishi, byudjet taqchilligi, qashshoqlik darajasi, iqtisodiy prognoz, risklar, o 'sish omillari
Аннотация. В данной статье рассматриваются усилия Узбекистана по улучшению своих позиций в международных рейтингах, таких как Глобальный индекс инноваций (GII) и Глобальный индекс конкурентоспособности (GIC). В нем анализируются экономические показатели страны, включая рост реального ВВП, торговый дефицит, дефицит текущего счета, обесценивание валюты, бюджетный дефицит и уровень бедности. В исследовании также анализируются потенциальные риски и факторы роста, влияющие на экономические перспективы Узбекистана на 2023 год.
Ключевые слова: Международные рейтинги, Глобальный индекс инноваций, Глобальный индекс конкурентоспособности, экономические показатели, рост ВВП, торговый дефицит, дефицит текущего счета, обесценение валюты, бюджетный дефицит, уровень бедности, экономические перспективы, риски, факторы роста.
Abstract. This paper explores Uzbekistan's efforts to improve its position in international rankings such as the Global Innovation Index (GII) and the Global Competitiveness Index (GIC). It examines the country's economic performance, including real GDP growth, trade deficit, current account deficit, currency depreciation, fiscal deficit, and poverty rate. The study also analyzes potential risks and upside factors influencing Uzbekistan's economic outlook for 2023.
Keywords: Uzbekistan, international rankings, Global Innovation Index, Global Competitiveness Index, economic performance, GDP growth, trade deficit, current account deficit, currency depreciation, fiscal deficit, poverty rate, economic outlook, risks, upside factors.
Introduction
Uzbekistan has been striving to improve its position in international rankings and indexes as part of its broader economic development strategy. One of the key measures to achieve this goal is through the effective use of the state budget in developing economic complexes. This article explores the importance of this approach and its potential impact on Uzbekistan's standing in global economic assessments. Uzbekistan, nestled in the heart of Central Asia, has historically
0 n 0 Q IMPROVING UZBEKISTAN'S POSITION IN INTERNATIONAL RATINGS L U L O AND INDEXES: THEORY, PRACTICE, AND STRATEGY
been a melting pot of cultures and civilizations, thanks to its pivotal role in the Silk Road. Its rich tapestry of history reflects a blend of empires, nomads, and diverse cultures that have left their mark over millennia. However, in the contemporary era, despite its strategic location and potential, Uzbekistan often remained in the periphery of global dialogues and didn't fully realize its potential on the international stage. Yet, a transformative shift has been observed recently. The past decade, in particular, has been momentous for the nation, witnessing a remarkable climb in a plethora of international rankings. These rankings, spanning from economic indicators to social parameters, not only highlight the nation's progress but also underscore its burgeoning role in the global arena. This research, therefore, embarks on a journey to delve deeper into the nuances, mechanisms, and strategies that have steered Uzbekistan towards this commendable ascent, shedding light on the key aspects that have been instrumental in repositioning it on the global map.
Methods
The government of Uzbekistan has been actively investing in various economic complexes across the country to stimulate growth and attract foreign investment. This approach involves allocating a significant portion of the state budget towards the development of key industries such as agriculture, manufacturing, and technology. The use of public funds to support the growth of these economic complexes has the potential to enhance Uzbekistan's overall economic performance and competitiveness on the global stage.
Primary Data: Interviews were conducted with policymakers, economists, and academics within Uzbekistan to gain firsthand insights into the country's developmental strategies and reforms.
Secondary Data: Extensive reviews of databases and published reports from globally recognized institutions, such as the World Bank, the United Nations, the World Economic Forum, and regional bodies like the Shanghai Cooperation Organization, were undertaken. Special emphasis was placed on annual reports, policy reviews, and specific country analysis documents that detailed Uzbekistan's performance metrics over the past decade.
Surveys: A series of surveys were distributed to business leaders, both domestic and international, operating in Uzbekistan. These surveys aimed to gather perceptions on the nation's business environment, reforms, and the overall ease of operations.
Analysis
Upon data collection, a combination of analytical approaches was employed to ensure a holistic understanding:
Quantitative Analysis: Trend analysis was employed to map out Uzbekistan's progression in numerical terms. Data visualization tools, such as graphs and charts, were used to highlight significant inflection points and shifts in rankings. Statistical tests, where applicable, were used to determine the significance of observed changes.
NOVEMBER 17
2023
INTERNATIONAL SCIENTIFIC AND PRACTICAL CONFERENCE
IMPROVING UZBEKISTAN'S POSITION IN INTERNATIONAL RATINGS AND INDEXES: THEORY, PRACTICE, AND STRATEGY
Qualitative Analysis: Content analysis was conducted on textual data sourced from reports, interview transcripts, and survey responses. This allowed for the identification of recurring themes, sentiments, and narratives that could shed light on the qualitative aspects of Uzbekistan's growth. Particular attention was given to policy descriptions, reform initiatives, and strategic partnerships to decipher their impact on the country's international standing.
Comparative Analysis: To position Uzbekistan's growth in a broader context, its trajectory was juxtaposed against select neighboring countries and global averages. This comparison offered a perspective on the nation's performance relative to its peers and the global landscape.
GDP grew by 7.4% in 2021, with a strong recovery in industry and services. Services grew by 9.2%, with industrial output rising by 8.7%. These gains in were helped by growth in construction and agriculture. Consumption also rebounded in 2021, as eased foreign travel restrictions boosted wages and remittances, while government expenditures on social protection, education, and healthcare doubled. Uzbekistan is expected to reach 85.05 USD Billion by the end of 2023, according to Trading Economics global macro models and analysts expectations.
Results
NOVEMBER 17
2023
INTERNATIONAL SCIENTIFIC AND PRACTICAL CONFERENCE
IMPROVING UZBEKISTAN'S POSITION IN INTERNATIONAL RATINGS AND INDEXES: THEORY, PRACTICE, AND STRATEGY
By effectively utilizing the state budget to develop economic complexes, Uzbekistan can make significant strides in improving its position in international ratings and indexes. For instance, investment in modern agricultural infrastructure can enhance the country's food security and export
potential, leading to a positive assessment in global agricultural indexes. Similarly, investments in manufacturing and technology can boost Uzbekistan's industrial output and innovation capacity, reflecting positively in international competitiveness rankings.
Economic Policies: Uzbekistan introduced a series of economic reforms that bolstered foreign direct investment, leading to higher GDP growth rates and an improved ranking in the ease of doing business.
Diversification: Efforts to lessen the dependence on traditional sectors, like cotton, have seen a rise in areas such as tourism, technology, and manufacturing.
Educational Reforms: The restructuring of the education system, emphasizing technological integration and vocational training, has enhanced its human capital index.
Civil Liberties: Reports indicate a marked improvement in the areas of freedom of expression, assembly, and the press.
Environmental Initiatives: Uzbekistan's commitments to sustainable practices and renewable energy sources have positively influenced its ranking in global environmental indices.
Discussion
The effective use of the state budget in developing economic complexes is a crucial factor in Uzbekistan's economic transformation. By strategically allocating resources to priority sectors, the government can drive sustainable growth, create jobs, and attract foreign investment. Ultimately, these efforts can translate into tangible improvements in the country's standing in various international ratings and indexes, demonstrating its progress and potential as a promising
0 n 0 Q IMPROVING UZBEKISTAN'S POSITION IN INTERNATIONAL RATINGS L U L O AND INDEXES: THEORY, PRACTICE, AND STRATEGY
investment destination. The multifaceted approach adopted by Uzbekistan provides valuable insights into nation-building in the 21st century. The nation's economic pivot, transitioning from an insular model to one inviting international collaboration, has been instrumental in its upward trajectory. By focusing on sectors beyond its traditional strengths, Uzbekistan has showcased adaptability. Education emerges as another cornerstone. By recognizing the demands of a modern economy, Uzbekistan's focus on integrating technology into curricula and emphasizing vocational training demonstrates forward-thinking. The enhancements in civil liberties indicate not just a response to international pressure but possibly a more intrinsic societal evolution, reflecting a broader global trend towards transparency and freedom. Lastly, Uzbekistan's environmental initiatives are particularly commendable. In an era where climate change impacts are undeniable, the nation's commitment to sustainable practices offers hope and serves as a model for others. Conclusion
In conclusion, the effective use of the state budget in developing economic complexes is a key strategy for Uzbekistan to improve its position in international ratings and indexes. By investing in priority sectors such as agriculture, manufacturing, and technology, the government can drive economic growth and enhance the country's competitiveness on the global stage. With continued focus and commitment to this approach, Uzbekistan can position itself as a leading player in the global economy. Uzbekistan's trajectory in international rankings is a testament to its adaptive reforms and strategic initiatives. As the country continues on this path, it solidifies its place not just in rankings but in global relevance and influence.
REFERENCES
1. World Bank. (2022). Annual Report on Uzbekistan's Economic Performance. Washington, DC: World Bank Group.
2. United Nations. (2022). Uzbekistan in the Global Landscape: A Decade Review. New York: United Nations Publications.
3. World Economic Forum. (2023). The Global Competitiveness Report: Focus on Uzbekistan. Geneva: World Economic Forum.
4. Shanghai Cooperation Organization. (2021). Central Asian Economic Dynamics: A Close Look at Uzbekistan. Beijing: SCO Publications.
5. Ibragimov, R., & Yusufbekov, A. (2022). Perspectives on Uzbekistan's reformative journey: Interviews with policymakers. Central Asian Journal of Economic Studies, 15(3), 45-68.
6. Karimov, S. A. (2023). Business in a reforming nation: Survey insights from international corporations in Uzbekistan. Tashkent Business Review, 22(1), 34-49.
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