The Year of Support for Youth and Business: A new chapter in development of Uzbekistan
In his New Year’s greetings to the people of Uzbekistan, President Shavkat Mirziyoyev declared 2024 the Year of Support for Youth and Business, thereby indicating the country’s desire to strengthen the role of youth in socio-economic development and support for entrepreneurship, UzA reports.
These initiatives include the creation of special funds to finance innovative youth projects, the development of entrepreneurship incentive programs, and the provision of micro-loans.
The importance of youth’s active participation in modernizing society through developing their scientific potential and obtaining a decent education is enshrined in the Uzbekistan 2030 Strategy. Within its framework, it is planned to introduce new educational programs aimed at developing young people’s skills necessary in the modern economy and entrepreneurship, creating youth small industrial zones that will become a platform for the implementation of entrepreneurial projects. This will serve the development of youth entrepreneurship and the organization of new jobs, which means the country’s economic growth.
Supporting social and cultural projects aimed at improving the personal potential of youth is an integral part of the strategy. The President emphasizes ensuring conditions for youth’s creative and cultural self-expression.
At the same time, the Government of Uzbekistan focuses on supporting young families and solving the problem of divorce. Counseling programs aimed at strengthening family values are offered.
In his New Year’s greeting, Shavkat Mirziyoyev stressed the importance of these factors for achieving a strong economy and improving people’s lives.
Economic Development
In 2023-2024, Uzbekistan’s economy is expected to grow at 5.6-5.8 percent, further increasing to 6.2-6.4 percent in 2025-2026. This corresponds to the strategic goal of increasing GDP per capita to $4,000 by 2030. It is planned to attract foreign investment, which is expected to stimulate economic growth and provide the necessary capital for business expansion. The President stressed the importance of developing science, innovation, and the IT sector, including creating green and digital technologies. The priority is new jobs and income growth of the population.
According to the Asian Development Bank (ADB), Uzbekistan’s economy will grow by about 5 percent in 2024. This indicates the stability of industry, agriculture, and the inflow of investments, contributing to an increase in the country’s overall well-being.
The World Bank predicts Uzbekistan’s GDP growth from 5.5 to 5.8 percent in 2023-2025. These data allow to verify the stability of the country’s economic development in the coming years.
Social Support
The Government of Uzbekistan pays special attention to social protection. Thus, since 2017, the poverty level in the country has decreased by 50 percent, and by 2030, it is planned to reduce the poverty threshold to 7 percent.
The number of recipients of social benefits has expanded to 2.3 million people since 2017, an increase of seven times. The priority is also the development of human capital, including improving the quality of education and nurturing a qualified young generation. In the last six years, the population’s coverage of preschool education has increased from 21 to 70 percent, and higher education from 9 to 38 percent.
The President stated the need for further increases in wages, pensions, scholarships, and allowances, which will improve the population’s standard of living and economic stability and comprehensive support for women, older people, and all those who need help.
International Cooperation
Uzbekistan’s foreign economic policy focuses on attracting foreign investment and developing modern technologies.
Thus, in 2022-2024, Uzbekistan plans to implement investment projects totaling about $52.15 billion. In 2024, projects worth $18.2 billion will be involved (with the attraction of foreign direct investment of $7.73 billion).
It should be noted that Uzbekistan has put forward important initiatives within the framework of international cooperation in combating corruption, the presentation of an international award by the President in this area, the implementation of systemic legal and institutional reforms in this direction in cooperation with the United Nations, the OECD, and other reputable international structures. Uzbekistan has adopted a law on combating corruption, an appropriate agency has been established, and preventive mechanisms aimed at ensuring openness and transparency of the activities of state bodies are being widely implemented.
The announcement of 2024 in Uzbekistan as the Year of Support for Youth and Business is a strategic step to develop the economy further, increase social stability, and strengthen international relations.
