Preview

Uzbekistan: Economy

Better Essays
Open Document
Open Document
1486 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Uzbekistan: Economy
Overview: Uzbekistan is a dry, landlocked country of which 11% consists of intensely cultivated, irrigated river valleys. More than 60% of its population lives in densely populated rural communities. Uzbekistan is now the world 's second largest cotton exporter, a large producer of gold and oil, and a regionally significant producer of chemicals and machinery. The IMF suspended Uzbekistan 's $185 million standby arrangement in late 1996 because of government steps to the negative external conditions generated by the Asian and Russian financial export and currency controls within its already largely closed economy. Economic policies that have repelled foreign investment are a major factor in the economy 's stagnation. A growing debt burden, persistent inflation, and a poor business climate led to disappointing growth in 2001. However, in December 2001 the government voiced a renewed interest in economic reform, seeking advice from the IMF and other financial institutions (World 7). After independence, Uzbekistan tried to support inefficient state enterprises and shield consumers from the shocks of rapid economic reform. These policies eventually led to severe inflation and an economic crisis. Reforms brought inflation down to manageable levels and small businesses began to grow. Larger institutions are seeking joint ventures with international corporations. However, currency and trade restrictions remain too tight to encourage significant foreign investment. Falling global gold, copper, and cotton prices also hurt the economy. A privatization program is slowly being implemented with international support. Privatization is necessary to raise hard currency and promote economic development (Republic 4).

GDP: purchasing power parity—$62 billion (2001 est.)
GDP—per capita: purchasing power parity—$2,500 (2001est.)
GDP—composition by sector: agriculture: 33% industry: 24% services: 43% (2001 est.)
Inflation rate (consumer prices): 23%



Cited: Lubin, Nancy. Uzbekistan. Ed. Glenn E. Curtis. Ser. Country Studies. Washington, D.C.: Library of Congress Cataloging-in-Publications Data, 1997. Republic of Uzbekistan. Ser. CultureGrams 2003 World Edition. Axiom Press, 2002. Uzbekistan Economy. 20 November 2002. http://www.photius.com/wfb/wfb1999/uzbekistan/uzbekistan_economy.html. "Uzbekistan," Microsoft Encarta Online Encyclopedia 2002. http://encarta.msn.com. World Fact Book. "Uzbekistan." 19 November 2002. http://www.odci.gov/cia/publications/factbook/geos/uz.html.

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Kazakstan, officially the Republic of Kazakhstan is one of the 15 countries that where created when the U.S.S.R. divided in 1991. As of 1995 Kazakhstan had an estimated population of 17,377,000, Kazakhstan is 1,050,000 sq. miles and is located in central Asia. It borders Russia in the north, China in the east, Kyrgyzstan, Uzbekistan, and Turkmenistan in the south, and the Caspian Sea and European Russia in the west. Astana is the capital and Almaty is the largest city. The national religion is Muslim. The Kazakhstanian government is lead by an executive president, who is elected by popular vote.…

    • 281 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    The economic conditions of the 20 countries comprising of the Central and Eastern Europe region faced exceptional deterioration during the global financial and economic crisis. Reports from 2009 indicate that only Albania, Belarus and Poland avoided the economic crisis, while the region’s GDP sunk by 6.2% year-on-year (IMF 2010). After almost over a decade of outperforming worldwide growth, in 2009 almost every country in the region was either in or on the verge of recession. This sudden change in the financial and economic state of the region, resulted in social unrest and doubts about the future political and economic reforms in these countries (World Bank, 2010)…

    • 885 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    (3) Foster confidence with bordering countries by decreasing excessive weaponry in conjunction with the ratified Treaty on Conventional Armed Forces in Europe.…

    • 493 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Billie

    • 1955 Words
    • 8 Pages

    [ 1 ]. Carlstrom, Gregg, (June 2011) “’Economic depression’ looms in Afghanistan”, Al Jazeera. Retrieved from http://www.aljazeera.com/news/asia/2011/06/20116812933228775.html…

    • 1955 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    1. ISSUE. Provide the USEUCOM Commander an overview of Azerbaijan’s approach to the situation in the Caucasus Region.…

    • 933 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Government of Rodamia

    • 534 Words
    • 3 Pages

    This paper is concern International trade stimulation. Rodamia is a large country – the largest compared to its neighbor- in terms of area, population, and level of economic development. Four percent of the country's Gross Domestic Product (GDP) comes from agriculture, mainly corn, wheat, cotton, and dairy and poultry products. There are three countries on the border of Rodamia, which are Suntize, Uthania, and Alfazia.…

    • 534 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Rodamia is a large country in comparison to its neighbors, in terms of population, area and level of economic development. About four percent of Rodamia's Gross Domestic Product comes from agriculture, mainly: corn, wheat, cotton, diary and poultry products; 30% from industry and 66% from services. Rodamia is surrounded by three countries, (Alfazia, Uthania, Suntize), and is considering trading with these countries because this will lead to greater benefits. Trading will enable Rodamia to provide a more diverse price and quality of products to its consumers. Domestic producers can expand their markets to other countries and Rodamia capital gets new avenues of investments. All these aspects will add to making the economy more sparkling and the country richer.…

    • 1427 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    In the late 19th century, Russia began its process of industrialization following its defeat at the hands of Western nations in the Crimean War. Russia's Industrial Revolution was further helped along by its growing population and an increasing labor force. As the industrial process continued, it sprang forth new jobs in mining, factory work, and railroad construction. This influx of jobs was taken by an influx of people, come from the country to work in the cities as cheap laborers, taking up dangerous, low-paying jobs. In spite of all these changing times and circumstances, the tension between the upper and lower classes remained taut as a drum, building up under the fabric of society. Industrialization in Russia had an enormous, lasting impact that set Russia on the course for the troubles that would happen in the future.…

    • 573 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    This paper will analyze the values of Medical Services of America and analyze the corporate and business culture of MSA. This paper will also discuss the structure of the organization and the information sharing practices.…

    • 437 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    School Work

    • 643 Words
    • 3 Pages

    Rodamia is a large country in comparison to its neighbors, in terms of population, area and level of economic development. About four percent of Rodamia's Gross Domestic Product comes from agriculture, mainly: corn, wheat, cotton, dairy and poultry products; 30% from industry and 66% from services. Rodamia is surrounded by three countries, (Alfazia, Uthania, Suntize), and is considering trading with these countries because this will lead to greater benefits. Trading will enable Rodamia to provide a more diverse price and quality of products to its consumers. Domestic producers can expand their markets to other countries and Rodamia capital gets new avenues of investments. All these aspects will add to making the economy more sparkling and the country richer.…

    • 643 Words
    • 3 Pages
    Good Essays
  • Better Essays

    "War is Peace; Freedom is Slavery; Ignorance is Strength" (Orwell 6). The novel Nineteen Eighty-Four by George Orwell demonstrates a dystopian society with negative and unrealistic messages. Such messages are a reality in the modern Republic of Uzbekistan. The social control enforced by the government of both Oceania and of Uzbekistan eliminates all privacy of their people. Individual consciousness is replaced by collective conformity, disallowing individualism to be expressed. While the mock dictatorships within both nations (fictional and genuine alike) control, alter, and conform the citizens of the respective nations into loyal followers of the government. The novel Nineteen Eighty-Four provides a prime example of a dystopian society. The two nations practice social control which instils fear within the citizens, exercise physical and emotional persecution to achieve reform, and are lead by an omnipotent leader who eliminates the fundamental freedom of expression of his citizens, attesting to the Republic of Uzbekistan as a dystopian society of the 21st century.…

    • 1159 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    The Current State Economy

    • 454 Words
    • 2 Pages

    The current Gross Domestic Product (GDP) are: GDP (purchasing power parity) $15.04 trillion (2011 est.), $14.82 trillion (2010 est.) $14.38(2009 est.). The data are in 2011 US dollars.…

    • 454 Words
    • 2 Pages
    Powerful Essays
  • Good Essays

    Review Paper on Stiglitz

    • 1054 Words
    • 5 Pages

    There are some countries that experienced the transition of the economy which includes China, Russia, other states that were part of the Soviet Union, and Eastern Europe and the countries mentioned above suffered problems in reforms and the adjustments used while experiencing the shift of the economy. During the time where the Soviet Union was still present, the premier of the Soviet Union in 1960 declared that the country would “Bury” the United States however the Soviet Union suffered stagnation. In the year 1989, most of the countries in Eastern Europe suffered collapsed Socialism and due to the collapsed Socialism and it was evident in the Real GDP Percentage Change Index of the Eastern European countries, but in around 1994-1995 some countries were improving and slowly gaining back. Russia was still dragging itself to improve, by the year 2004 it was still 80% to match their 1990 GDP percentage change index.…

    • 1054 Words
    • 5 Pages
    Good Essays
  • Best Essays

    The paper discusses household resources allocation between jointly consumed goods (public goods) and those consumed individually (private goods); and implication of household scale economies to the government welfare policy. The first section focuses on the derivation of the individual demand function for private good, and the effect of change in household size on private good consumption. The second section provides OLS estimation of the Engel curve borrowed from Deaton and Paxson (1998) for clothing (purely private good). For the purpose of estimation and analysis the sample data of 2948 Uzbek households from World Bank’s Living Standards Measurement Survey was used. In addition, the sample was divided into 5 income quartiles and the variation in household economies of scale across income groups is discussed in the second section. Section three explains the implication…

    • 6694 Words
    • 27 Pages
    Best Essays
  • Satisfactory Essays

    An economy is flourishing and is shown to be beneficial and fruitful for the people living in it only when the growth of the economy goes up continuously. It is essential for a country to not only develop politically or socially but it also needs to demonstrate economic development in order to sustain in the international market and in order to come ahead of other countries. But it is not very easy for any economy to economically keep growing because an umpteen number of internal and external factors that affect the growth and the economic development and it is essential and crucial for the countries to address the issues and move ahead. There are some very common challenges that are faced by an economy that are discussed below.…

    • 478 Words
    • 2 Pages
    Satisfactory Essays