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Middle East and Central Asia > Uzbekistan, Republic of

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Cover Technical Assistance Reports
Republic of Uzbekistan: Technical Assistance Report-Report on National Accounts Mission (July 24–August 4, 2023)
International Monetary Fund. Statistics Dept.
A technical assistance mission assisted the Statistics Agency under the President of the Republic of Uzbekistan (SA) in conducting a major revision of national accounts time series. Based on the results of the 2023 survey on non-observed economy (NOE) in hotels, restaurants, and other services, the 2024 major revision increases the nominal GDP for 2017–2023 in the range of 10–12 percent. The mission reviewed the results of the 2024 major revision and provided recommendations for improvement before their publication. These improvements to data and methods will improve the understanding of the Uzbekistan economy, both for domestic policymaking and international surveillance.
Keywords:
National accounts; GDP; major revision; non-observed economy.; World Bank staff; TA recipient; steering committee of CCAMTAC; SUT data; SA staff; Consumption; Agricultural commodities; Household consumption; Economic classification
Cover IMF Staff Country Reports
Republic of Kazakhstan: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; oil revenue; net export; enrollment ratio; time deposit; net enrollment ratio; net credit; net tax; credit to government; national bank of Kazakhstan; Nontax revenue; Oil; Agricultural commodities; gas and mining taxes; Natural gas sector; Baltics
Cover IMF Staff Country Reports
Republic of Kazakhstan: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; bottom; oil revenue; national bank of Kazakhstan; extraction industry; net lending; time deposit; production value; Agricultural commodities; Oil; gas and mining taxes; Natural gas sector; Baltics
Cover IMF Staff Country Reports
Republic of Tajikistan: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix examines banking sector developments in the Republic of Tajikistan. The paper estimates quasi-fiscal activities in the energy sector, and provides an assessment of external sector trade and the need for further trade reform. Developments in the agriculture sector are assessed. The paper highlights that the lessons that emerge from recent experience indicate that weak institutions in Tajikistan have resulted in erratic implementation of structural reforms, which threaten the sustainability of the economy’s improved macroeconomic stability.
Keywords:
ISCR; CR; exchange rate; joint stock; banking system; trading company; banking sector; commercial bank; bank supervision; Tariffs; Agricultural commodities; Exports; Commercial banks; Imports; Western Europe
Cover IMF Staff Country Reports
Uzbekistan: Recent Economic Developments
International Monetary Fund
The paper analyzes economic developments and policies over the past couple of years, with emphasis on the period since mid-1998. It assesses consequences for the economy of several external shocks and provides an overview of recent developments. The nature and extent of the external shocks affecting the economy and the internal constraints that characterize the Uzbek economy are detailed. The paper also analyzes the policy responses to these shocks and the results of these policies. A set of tables updates available economic data series.
Keywords:
ISCR; CR; government; U.S. dollar; commercial bank; broad money; fourth quarter; CIS country; Uzbek economy; GDP deflator; joint stock; enterprise share; privatized enterprise; enterprise restructuring; means testing; Agricultural commodities; Commercial banks; Exchange rates; Exports; Baltics; Western Hemisphere; Europe; Asia and Pacific
Cover IMF Staff Country Reports
Tajikistan: Recent Economic Developments
International Monetary Fund
Against the backdrop of a serious deterioration in its terms of trade and a large reversal of private capital flows following the Russian crisis in August 1998, the Tajik economy has entered a period of adjustment. Output growth has slowed down, inflation has flared up, and the exchange rate has weakened. More recently, macroeconomic stability has restored as the authorities have embarked on a strong adjustment path in response to adverse external developments and to correct the slippages in policy implementation during 1999.
Keywords:
ISCR; CR; U.S. dollar; exchange rate; debt service; private sector; Tajik authorities; terms of trade; Agricultural commodities; Exchange rates; Electricity; Europe; Asia and Pacific; Central Asia
Cover IMF Staff Country Reports
Uzbekistan: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in the Republic of Uzbekistan during 1992–97. It compares growth in Uzbekistan with that of other transition economies and seeks to shed light on why Uzbekistan has suffered a smaller transformational recession than other transition economies. The paper covers the existing arrangements for production and trade in agriculture, and estimates the costs for agriculture arising from state procurement and the multiple exchange rate system. The paper also traces the effects of multiple exchange rates and other quasi-fiscal operations on the economy as a whole.
Keywords:
ISCR; CR; exchange rate; yield; government; market; price; foreign currency; consumer goods; central bank; curb exchange market; exchange market operation; Uzbek growth experience; Agricultural commodities; Commercial banks; Exchange rates; Imports; Baltics; Europe; Western Hemisphere; Asia and Pacific; Eastern Europe; Africa
Cover IMF Working Papers
The Uzbek Growth Puzzle
Mr. Jeromin Zettelmeyer
After the break-up of the Soviet Union, Uzbekistan’s output fell less than in any other former Soviet Republic, and growth turned positive in 1996/97. Given the country’s hesitant and idiosyncratic approach to reforms, this record has suprised many observers. This paper first shows that a standard panel model of growth in transition systematically underpredicts Uzbek growth from 1992-1996, confirming the view that Uzbekistan’s performance consitutes a puzzle. It then attempts to resolve the puzzle by appropriately extending the model. The main result is that Uzbekistan’s output performance was driven by a combination of low initial industrialization, its cotton production, and its self-sufficiency in energy.
Keywords:
WP; Uzbek growth puzzle; Uzbek output path; Uzbek experience; Uzbek growth experience; Uzbek transition experience; Uzbekistan; Transition; Growth; Output; Public Investment; Cotton; Energy; Uzbekistan country dummy variable; Agricultural commodities; Public investment spending; Structural reforms; Natural resources; Capital spending; Eastern Europe; Central Asia; Baltics
Cover IMF Working Papers
Output Decline and Recovery in Uzbekistan: Past Performance and Future Prospects
Mr. Jeromin Zettelmeyer
and
Mr. Günther Taube
What explains Uzbekistan’s unusually mild “transformational recession” and its moderate recovery during 1996-97? We examine potential biases in output measurement, the role of “special factors”—including initial production structure, natural resources, and public investment policies—and sectoral output developments. The main findings are (i) Uzbekistan’s relatively favorable output record is not an artifact of measurement alone; (ii) public investment has had no significant effects on growth; (iii) the mildness of Uzbekistan’s transitional recession can be accounted for by its favorable initial production structure and its self-sufficiency in energy; (iv) unless reforms are significantly accelerated, medium-term growth prospects are mediocre.
Keywords:
WP; Uzbek experience; output performance; reform policy; private sector; Uzbek growth path; Uzbekistan; Transition; Growth; Output; Sustainability; unmeasured Uzbekistan effect; Uzbek authorities; Uzbek growth experience; consumer goods; Agricultural commodities; Structural reforms; Agricultural sector; Public investment spending; Baltics
Cover IMF Staff Country Reports
Tajikistan: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in the Republic of Tajikistan during 1994–97. In 1996, the authorities embarked on their first comprehensive effort at economic reform, supported by financial assistance from the World Bank and the IMF. Although implementation was uneven, the authorities were successful in achieving a degree of macroeconomic stability during the first three quarters of 1996; progress was also made on structural reforms. However, confronted with substantial unanticipated expenditures, the budget deficit increased substantially in late 1996 and the first half of 1997.
Keywords:
ISCR; CR; debt service; broad money; budget deficit; foreign exchange; savings bank; economic activity; Tajik ruble; state enterprise; Agricultural commodities; Credit; Commercial banks; Currencies; Central Asia; Europe; Asia and Pacific