modul New Uzbekistan

VOCABULARY
Macroeconomics – makroiqtisodiyot
Microeconomics- mikroiqtisodiyot
Efficiency- samaradorlik
Monetary policy- valyuta siyosati
Scarcity- ocharchilik
Utility- foydalanish
Assumption- faraz, taxmin
scarce resources- taqchil resurslar


Questions
1.What is Macroeconomics?
2. What is Microeconomics?
3. On what microeconomics focuses on?
4. On what macroeconomics focuses on?
5. Who was the earliest recorded economic thinkers?
6.Which type of economy tries to explain how and why different goods are valued differently?

1.16 –modul

Economy of Uzbekistan. Gram: Nouns. Plurals.

Since independence, the economy of Uzbekistan continues to exist as a Soviet-style command economy with slow transformation to market economy. The progress of governmental economic policy reforms has been cautious, but cumulatively Uzbekistan has shown respectable achievements. Its restrictive trade regime and generally interventionist policies continue to have a negative effect on the economy. Substantial structural reform is needed, particularly in these areas: improving the investment climate for foreign investors, strengthening the banking system, and freeing the agricultural sector from state control. Remaining restrictions on currency conversion capacity and other government measures to control economic activity, including the implementation of severe import restrictions and sporadic closures of Uzbekistan's borders with neighboring Kazakhstan, Kyrgyzstan, and Tajikistan have led international lending organizations to suspend or scale back credits.
Uzbekistan has increased the rights of minority shareholders and their role in major corporate decisions. Ownership and control structures have been clarified, and corporate transparency has been enhanced. The value added per worker has risen. According to the IMF, government subsidies were forecast to consume 0.3 percent of GDP in 2020.
The Uzbek economy remained mostly unfree this year. In 2020, however, the government announced a new development strategy that includes reforming state institutions, securing the rule of law, reforming the judiciary, strengthening the banking and financial sectors, and other improvements such as reducing state regulation and assuring property rights to attract investment. If it proves successful, Uzbekistan could one day join the ranks of the moderately free.
Since independence, the Government of Uzbekistan has stated that it is committed to a gradual transition to a market-based economy. The progress with economic policy reforms has been cautious, but cumulatively Uzbekistan has registered respectable achievements. The government is yet to eliminate the gap between the black market and official exchange rates by successfully introducing convertibility of the national currency. Its restrictive trade regime and generally interventionist policies continue to have a negative effect on the economy. Substantial structural reform is needed, particularly in the area of improving the investment climate for foreign investors, strengthening the banking system, and freeing the agricultural sector from state control. Remaining restrictions on currency conversion capacity and other government measures to control economic activity, including the implementation of severe import restrictions and sporadic closures of Uzbekistan's borders with neighboring Kazakhstan, Kyrgyzstan, and Tajikistan have led international lending organizations to suspend or scale back credits.