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12STATISTICAL ANALYSIS OF EFFICIENCY IN THE FIELD OF SMALL BUSINESS AND PRIVATE ENTREPRENEURSHIP
Zilola Turgunovna Turaeva
Lecturer Department of "Economic Management, Taxes and Insurance" Tashkent
Financial Institute.
Annotation. The article examines the work carried out in Uzbekistan on the development of small business and private entrepreneurship, the problems that hinder the full realization of the potential of small business. A number of statistics were also
provided.
Keywords. Small business and private entrepreneurship, statistical analysis, GDP, coronavirus pandemic
The current stage of economic reforms in Uzbekistan is characterized by the development of small business and private entrepreneurship, which gives it broad economic freedom.
In this regard, special attention is paid to the development of small business and entrepreneurship in the country.
Because the issue of development of small business and entrepreneurship is viewed as a strategic task of the economic policy of our state.
The country has created the following conditions for the development of small business and private entrepreneurship:
1. Registration time for small businesses is 30 minutes. To register as an individual entrepreneur, only one document is required, and to register a small business as a legal entity - two documents.
2. The single tax rate, which is an important factor in creating favorable conditions for the development of small businesses in almost all sectors, is 5% of the volume of goods and services sold. At the same time, the current rate of a single social payment for small businesses is 15%.
3. Industrial enterprises with the participation of newly created foreign investments shall have the right to apply the rates of taxes and compulsory payments on the day of their registration for a period of five years. From 2018, small businesses with more than 1 hectare of land will pay a single land tax.
4. Financial support for small businesses is carried out in the following ways: lending by banks at preferential rates; Guarantee of 50% of loans provided by the State Fund for the Support of Entrepreneurship for Entrepreneurship, and reimbursement of accrued interest on loans from commercial banks *.
5. The interests of business are protected by the body responsible for protecting the rights and legitimate interests of business entities. In Uzbekistan, unscheduled inspections of small businesses have been canceled, as well as exemption from all types of administrative fines for the first financial and economic offenses **.
6. Entrepreneurship support centers have been created in all regions of the country on the basis of centers operating on the principle of "one-stop shop", providing government services to business. "Business incubators were created for startups with the aim of creating their own business plans, providing legal and practical assistance, as well as obtaining the necessary information for their activities.
7. Clusters for young entrepreneurs have been created throughout the country through training courses on doing business for entrepreneurs, the implementation of projects on the basis of privatized objects, the allocation of land for rent for a period of 5 years at a zero rate.
At the same time, it is necessary to highlight the problems that prevent small businesses from realizing their full potential.
1. More than 62% of small business employees are self-employed, and only 16% are small and micro enterprises. The lowest employment rate of small enterprises is in Navoi (11.3%), Kashkadarya (12.4%) and Tashkent regions (13.2%).
34.2% of small businesses are engaged in agriculture, 12.7% in industry, 11.6% in construction, 13.4% in trade and 28.1% in services.
Cross-sectoral analysis of the above points shows that we can see a relatively low level of small business in the industrial sector, where the efficiency of job creation is high compared to other sectors. Maintaining the current growth rates of this indicator may lead in the future to problems with an increase in wages and real incomes of the population from entrepreneurial activity. This situation can lead to a limitation of social guarantees provided by the state to the population.
3. The share of the number of small businesses in trade remains high (26.7% of the total number of small businesses or 63.7 thousand entities). In retail trade, the share of small businesses and microfirms amounted to 20.2%, and the share of individual entrepreneurs - 69.4%, which negatively affects the inflow of funds into the banking sector. And the discrepancy between the taxable base of small businesses. enterprises.
4. If we look at the number of small businesses by region, the largest number of them is in Tashkent (22.6%), Tashkent (9.6%), Fergana (8.8%) and Andijan (8.7%) regions. About 50% of the total number of small businesses operate in these four regions. This shows that in other regions of the country, such as Syrdarya (3.2%), Navoi (3.3%) and Jizzakh (4.2%), the existing potential of small businesses is underutilized.
Uzbekistan's GDP is expected to grow from 0.4% to 0.8% in 2020 - World Bank
According to the updated forecasts of the World Bank, in 2020 the GDP growth rate of Uzbekistan is expected from 0.4% to 0.8%. The increase in gold production and
growth in agriculture helped offset the sharp decline in industry and services during the coronavirus crisis.
Despite the global economic downturn caused by the coronavirus pandemic, Uzbekistan is projected to become one of only two countries in Europe and Central Asia to show economic growth in 2020. This is stated in today's release of the World Bank's Regional Economic Analysis .
According to the World Bank, the coronavirus (COVID-19) pandemic was the most severe crisis facing the Uzbek economy, which has recovered from the collapse of the Soviet Union. This situation negatively affected the growth of the country's gross domestic product and led to a decrease in employment, welfare and income of its citizens.
Statistical analysis
In the first half of 2020, GDP growth was practically zero, and in the first half of
2019 - 5.8 percent. During the same period, investments in fixed assets decreased by 12.8%. Unemployment rose sharply from 9.4 percent in the first quarter of 2020 to 15 percent in the second quarter [1-7].
"Forecasts for the Uzbek economy remain positive as market reforms have strengthened incentives for more efficient use of resources in the economy and private sector development. The lifting of the quarantine in the third quarter of 2020, the partial recovery of sustainable agricultural production and remittances will lead to higher economic activity in the second half of 2020 than in the first half, "the statement said.
Annual GDP growth is expected to be between 0.4% and 0.8% this year. This is well below the 5.6% figure for 2019. At the same time, Uzbekistan and Tajikistan will become the only countries in Europe and Central Asia with positive GDP growth in
2020 (Table 1). Unless the quarantine is reintroduced across the country, Uzbekistan's GDP growth in 2021 is projected at 4.8% to 5.0%.
According to the World Bank, increased gold production and agricultural growth in Uzbekistan helped offset the sharp decline in industry and services. While remittances fell 19 percent in the first half, a 17 percent increase in social transfers and a 10 percent increase in the minimum wage since February 2020 have helped keep private consumption afloat.
Reduced remittances and a growing foreign trade deficit led to a current account deficit of up to 7.7% of GDP in the first half of 2020. Exports were down 22.6% (natural gas, metals) over this period due to disruptions in the global supply chain and falling prices for key products. Imports fell 15 percent due to a sharp decline in the volume of imports of machinery, equipment and semi-finished products from abroad.
Low collection of revenues to the state budget and large anti-crisis spending in the first half of 2020 led to an increase in the budget deficit to 5% of GDP. 2.5% of GDP went to additional spending on health care, increasing remittances for the poor,
expanding public works and supporting businesses. Despite significant revenue growth from increased gold exports, a weak government environment and tax delays have resulted in a 2% annual decline in government revenue, which is considered a share of GDP.
"The crisis caused by the pandemic virtually halted Uzbekistan's GDP growth in 2020 and increased poverty for the first time in more than two decades. To mitigate the economic, social and health impact of the pandemic, the government has taken a number of anti-crisis measures. Despite the existing trials and hardships, the country's leadership has confirmed its determination to continue reforms in key sectors of the economy to achieve high rates of economic growth and improve the well-being of citizens. When the pandemic is over, it is important to ensure economic recovery and make it more resilient and inclusive, "said Marco Mantovanelli, World Bank Country Manager for Uzbekistan.
Inflation will slow down in the medium term, but will remain high as a result of further price reforms. The current account deficit of the balance of payments is expected to be around 6% of GDP in 2020 due to the recovery in remittances and the reduction in the trade deficit. In the medium term, it will remain approximately the same, as the growth of imports of machinery, equipment and semi-finished products will resume after the end of the pandemic. This deficit is expected to be financed by an increase in government debt and a gradual increase in foreign investment.
The state budget deficit, projected at 7.5% of GDP in 2020, will decrease in 2021-22 due to a gradual reduction in anti-crisis spending and an increase in state budget revenues. In the medium term, a reduction in the state budget deficit is expected.
In 2020 and beyond, the deficit will be financed mainly by an increase in external debt. External public debt is expected to increase to 34.7% of GDP in 2020. Although it has increased as a percentage of GDP since 2017, it is expected to stabilize over the medium term.
In the development of small business in our country there are industries with high potential for the production of construction and finishing materials, tools, parts of machinery and equipment, electrical engineering, chemistry, pharmaceuticals, many types of consumer goods, etc.
Increasing the contribution of small businesses to the country's economy, creating small industrial zones, improving the investment climate and competitive environment, expanding public procurement in the framework of public-private partnerships with small businesses, strengthening mutually beneficial cooperation between large and small enterprises, innovation through the involvement of business entities in the process ...
It should also be noted that financial support for successful and promising small enterprises that have sufficient export potential, but at the same time do not have sufficient capital for further development, is of great importance.
These measures will help create more jobs in efficient small businesses, expand access to global markets, increase the country's export potential and increase income.
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