ECONOMIC TRANSFORMATIONS IN UZBEKISTAN IN 2023-2024: ANALYSIS, TRENDS, AND FORECASTS

Аннотация

The economy of Uzbekistan has undergone significant changes in recent years due to the reform policy pursued since the beginning of 2017. Areas such as investment, foreign trade, industrialization, and improving the social welfare of citizens have become the main priorities for the government. In 2023-2024, the economy continued to show growth, which is due to active transformations and the successful attraction of foreign investment. This article will present an analysis of key economic indicators and an assessment of current trends in the country's economy. Keywords:GDP, Inflation, Reforms, Investments, Exports,Agriculture Introduction. Research Methodology official statistics, as well as studies by the World Bank and other authoritative sources, were used to perform the analysis. The main tool for analysis was comparative data on macroeconomic indicators such as GDP, inflation, unemployment, and foreign trade volume. To visualize trends, graphs and charts reflecting the dynamics of changes in indicators were used. Macroeconomic indicators of Uzbekistan in 2023-2024 Gross domestic products (GDP) in 2023, the economy of Uzbekistan demonstrated stable growth at the level of 6%. The total GDP amounted to about 1 quadrillion 66.6 trillion sums, which in equivalent amounted to approximately 115 billion US dollars. In 2024, an increase of 6.5% is projected, which continues the trend of economic growth. GDP data allow us to state the positive results of reforms in the economy. Agriculture and industry, as well as the increasing role of the service sector, have become the main drivers of growth. Inflation The inflation rate in Uzbekistan in 2023 was 10%, which is a decrease compared to 2022, when it was 11.4%. This is the result of the ongoing price control policy and improved money supply management. In 2024, the inflation rate remained at the same level, which confirms the stabilization of the price situation in the country. Unemployment rate: Unemployment in Uzbekistan has shown positive trends in recent years. In 2023, the unemployment rate was 5.6%, and in 2024 - 5.5%. This indicates a gradual improvement in the situation in the labor market, including due to support for small and medium-sized businesses, as well as employee retraining programs. Foreign trade: The volume of Uzbekistan's foreign trade in 2023 amounted to 50 billion US dollars. The main export products are natural resources such as gold and oil, as well as textiles and agricultural products. The main trading partners are Russia, China, Kazakhstan, and Turkey. In 2024, the volume of foreign trade increased to 55 billion dollars, which indicates the expansion of international economicties. Main sectors ofthe economy and theirdevelopment Agriculture continues to be an important sector of the economy of Uzbekistan, despite the transition to industrialization. In 2023, gross agricultural output increased by 4.1%, and in 2024, growth of 4.5% is projected. An important factor in this growth was the improvement of agricultural machinery and technology, as well as an increase in production capacity in the agricultural sector. http://www.internationaljournal.co.in/index.php/jasass 161 Volume15 Issue02, February2025 Impact factor: 2019: 4.679 2020: 5.015 2021: 5.436, 2022: 5.242, 2023: 6.995, 2024 7.75 Industry The industrialization program, which includes the creation of new industries, the modernization of old ones and the development of high-tech industries, bore fruit in 2023-2024. Industrial production growth was 6% in 2023 and 6.5% in 2024. The main industries showing growth are mechanical engineering, metallurgy and thechemical industry. Construction The construction sector also demonstrated stable growth. In 2023, the growth rate was 6.4%, and in 2024 - 6.8%. This is due to the active construction of infrastructure facilities, residential complexes and social facilities. Uzbekistan is actively developing infrastructure to improvethequality oflifeand living conditionsof citizens. Reforms and their impact on the economy. The reforms carried out by the government of Uzbekistan cover key areas of the economy and are aimed at increasing its competitiveness. Agricultural reform Agriculture was one of the first areas where reform began. Measures are being taken to improve irrigation, land ownership and support farmers. This has ensured the growth of the agricultural sector and increased productivity. Liberalization of the economy and attraction of investments In recent years, Uzbekistan has significantly improved the investment climate, which has been reflected in the increase in foreign investment in the country. Attracting capital from foreign countries has become one of the priority areas for the development of industryand infrastructure. Forecasts for thefuture Experts predict that the economy of Uzbekistan will continue to grow by 5.8% in 2025, which will provide additional opportunities for development. Success reforms in agriculture, industry and