The book by President Islam Karimov “The global financial-economic crisis, ways and measures to overcome it in the conditions of Uzbekistan” draws a keen interest of the leading economists, analysts and experts of many foreign countries.

Commenting on it, specialists underscore that the President’s book deeply analyzes the essence and causes of the global financial crisis, shows its negative influence on the economy, reflects on the search for ways of overcoming the situation as well as contains the analysis of present state and prospects of social-economic development of Uzbekistan.

The Deputy Director of Russia and Central Asia Department at Shanghai Institute for International Research Jiang Xiayun stressed the idea of President that it would be the most naïve and inexcusable error to negate the influence of the crisis on one or other country.

Mr. Xiayun believes that thanks to existing protective mechanisms in financial, economic and banking systems of Uzbekistan, which were established during the implementation of its own model of reforms and modernization, the country has established a sufficient safety factor and essential resource basis to ensure a sustainable and uninterrupted functioning of financial, economic, budgetary, banking and credit systems as well as companies and sectors of real economy of the Republic of Uzbekistan.

“As a result of consistent implementation of the policy of social and economic development of Uzbekistan, the country has strengthened the trends of high, sustainable and balanced economic growth rates and macroeconomic stability, the positive trends are ensured in addressing the long-standing issues of cardinal change of structure, diversification and modernization of economy, raising the employment and prosperity of population,” says Mr. Xiayun. “Despite problems and difficulties, Uzbekistan secured last year not only the stable functioning of the economy, but also has provided for high growth rates”.

“We can definitely say that balanced, thoroughly well thought-out policy of reforms, liberalization and modernization of economy in the first place, diversification of its structure have created sufficiently firm and reliable protection from negative influence of crises and other threats,” Mr. Xiayun has concluded. “The policy conducted by the Government of Uzbekistan allows not only effectively counter the challenges and threats caused by global financial and economic crisis, but will contribute after the end of crisis to establishing yet stronger and more sustainable economy, maintaining the high economic growth rates, further addressing the issues of improving the living standards and prosperity of the nation”.

Senior economist of the Research department at the French Center for Economic Conditions S.Levassor notes that the book by President Islam Karimov demonstrates a clear vision of causes and consequences of crisis on the world economy. “The specialists of our Center share the view that the crisis put into question the legitimacy of the idea that the world financial system dominates over the world economy,” the expert said. “We believe that macroeconomic measures being undertaken in Uzbekistan, including in budgetary and monetary policy, are positive and timely”.

“Uzbekistan’s experience shows that the state management of reforms at a period of transition has allowed to avoid the large-scale negative consequences, which affected the majority of the world countries,” continued Mr.Levassor. “Undoubtedly, no country which is an integral part of the world community and global financial and economic market can exist and develop on its own”.

“In this regard we can only welcome the plans of Uzbekistan on modernization, technical and technological re-equipment of the sectors of real economy, which will contribute to the accelerated integration of the country to international trade. At the same time, the action program for additional support of banking and financial structures, business activity of companies of real sector of economy, granting additional tax benefits and preferences for enhancing export opportunities will strengthen the economy”, Mr. Levassor concluded.

The financial analyst of Portuguese Diaru le Notisias daily newspaper R.de Bocastas supports the idea of the Uzbek Leader on prevailing of questions rather than the answers with regard to causes and forecasts of further development, as well as concrete ways of overcoming the consequences of the world financial and economic crisis.

“The book acquires a special urgency in the context of situational analysis of addressing the consequences of the world crisis in the economic conditions of contemporary Uzbekistan,” expert says. “In this regard, it is worth noting that Uzbekistan took timely measures on rendering the state support and coordination with a view of ensuring the effectiveness of functioning of economic mechanisms. It is obvious that the “invisible hand” of Adam Smith in the context of self-regulation of market economy in this case is not justified”.

Mr. De Bocastas also focuses attention on the fairness of the view nourished by President of Uzbekistan that his country, taking into consideration of growing trends of Uzbekistan’s economy being more integrated into financial and economic relations, the global crisis and its consequences will continue to have a particular negative impact on the country.

“There is no doubt that in the conditions of global economy this kind of mobilization within each country will contribute to effective overcoming the world financial and economic crisis which is acquiring greater scales,” the expert said.

One of the leading economists of Latvia, Doctor of Economics, Professor Ilya Gerchikov noted that the President’s book represented a deep analysis of the current global financial and economic crisis and highlighted the well thought-out and feasible measures to overcome it in the conditions of Uzbekistan.

“Development of infrastructure, state support of small businesses, banking system, modernization, technical renewal of production – they are the timely measures taken by the Government of Uzbekistan,” Mr. Gerchikov said. “The book dwells on moderate and clear monetary policy of the country’s Leadership which has become one of the main reasons why the crisis did not seriously affect the economic situation in Uzbekistan.”

The expert notes that the Anti-crisis program clearly envisages the measures on developing agriculture, farming, small businesses and its purposeful crediting, establishing processing plants, which will contribute to creation of new jobs and growth of economic indicators as a whole.

“Uzbekistan is a self-sufficient country which possesses enormous resources and potential, sets a tone in the development of Central Asian countries. Implementation of priorities on which the book makes accents, certainly, will allow Uzbekistan to secure the new frontiers of development while the crisis at some countries, including the developed ones, is aggravating,” M.Gerchikov said.

The presentation of the book by President Islam Karimov “The global financial-economic crisis, ways and measures to overcome it in the conditions of Uzbekistan” was held at the Institute of International Relations of the National Aviation University of the Ukraine.

The book drew a keen interest of participants. The students and faculty of the Institute were interested in Uzbekistan, shared their opinions about the book.

Director of the Institute O.Demin noted that presentation of the book by President of Uzbekistan allowed to enrich the knowledge of the audience about the development of Uzbekistan, measures taken by the country to overcome the global financial crisis. Professor has praised the role of state in reforming the economy and underscored the opportunities for learning and utilizing the experience of Uzbekistan in the conditions of the Ukraine.

Deputy Rector of the Institute V.Doroshenko took a floor at the event. He has said that the most important feature of Uzbekistan is not only in the impressive indicators of economic growth and unprecedented conditions for investing, but also in priority status of social sphere, constant attention of the Leadership to the improving the living standards of people.

“The continuation despite the crisis of implementing the projects on improving the social infrastructure serves as an example for other countries, as well,” Mr. Doroshenko said.

Yet another expert - V.Moskalenko of the Economicheskoye obozreniye newspaper - has underscored in particular: “Today many countries can boast of their enormous financial resources. But in the times of crisis the most important is to relevantly use those resources and effectively support the manufacturing companies. The Leadership of Uzbekistan through it policy measures and projects in the real sector of economy demonstrates not only the ways of mitigating the crisis but also strengthening the positions of the Uzbek companies in the world markets”.

Information Agency “Jahon” with Bobur Sobirov contributing in English

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