The dynamics of the development of the economy of the city of Tashkent for 2017-2022

Tashkent, Uzbekistan (UzDaily.com) -- Experts from the Institute for Macroeconomic and Regional Studies (IMRI) studied the dynamics of the development of the economy of the city of Tashkent in 2017-2022.

The Action Strategy for the five priority areas of development of the Republic of Uzbekistan in 2017-2021, which laid the foundation for multifaceted reforms in the country, has become an important mechanism for the continuous development of the regions over the past 6 years.

This period was a qualitatively new stage in the development of the country and its regions: macroeconomic stability has strengthened, high economic growth rates are maintained, the efficiency and competitiveness of industries have increased due to modernization and diversification.

As part of the implementation of this strategic document in the city of Tashkent, significant positive results have been achieved in the implementation of economic and social reforms.

The systematic and consistent implementation of a set of practical measures determined by the country’s leadership made it possible to ensure high growth rates of the economy of the city of Tashkent in 2017-2022:

-gross regional product (GRP) by 1.7 times (147.4 trillion soums);

- production of industrial products by 1.6 times;

-retail trade by 1.65 times;

-provision of services by 2.3 times;

- performance of construction works by 2.8 times;

-development of investments by 2.4 times;

-export by 1.8 times.

The study determined that the main "drivers" of economic growth in the city are:

-industry: food, electrical, chemical, building materials, metallurgical, pharmaceutical, textile;

-services: trade, financial, transport, communications and informatization, tourism, construction and real estate.

The basis for the further development of the economy of Tashkent is the "Development Strategy of New Uzbekistan for 2022-2026", aimed at ensuring the continuity of reforms and consistently high growth rates through the effective use of human capital, the potential of manufacturing industries and services, the introduction of energy-saving technologies, and the expansion of the use of renewable energy sources and others.