Uzbekistan's economic trends in line with Corona 19 and government res…
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2020.06.24 11:05
This document is about economic trends in Uzbekistan and the government’s response to the danger of Corona 19.
1. Current status of Corona 19 in Uzbekistan
- These were the first confirmed cases when citizens of Uzbekistan who visited France on March 15, 2020, received a positive result for the crown19, and as of April 24, 2020, 1716 confirmed cases, 450 cases of cure, and 7 deaths.
-All international flights will be suspended from March 24 after confirmation
- Inside, restrictions have been imposed on movement and suspension of operations, and in case of non-compliance, fines and strict administrative measures, such as the seizure of vehicles, are applied.
- Since people's lives are in jeopardy, President Mirёev ordered the termination of quarantine measures in accordance with regional outbreaks of the crown.
-Construction work is also resumed with strict observance of quarantine rules.
2. The current state of the economy of Uzbekistan thanks to Corona 19
Foreign trade turnover in Uzbekistan in the first quarter of 2020 decreased by about 10.2% compared to the same period last year to $ 81.14 billion, exports fell by 10.9% to $ 3.37 billion, and imports decreased by 9, 7% to 4.7 billion dollars.
- Significant decrease in trade with Korea, up 22.7% year on year to a record $ 550 million
- April I dollar = 10,000 137 breaths
3. A package of government incentives for Uzbekistan
- With the support of the state budget and international organizations such as the World Bank and the Asian Development Bank, on March 19, a crisis response fund of $ 10 trillion was created under the Ministry of Finance.
- Various tax benefits
4. Prospects and implications
- the slowdown in economic growth due to Corona 19 is inevitable
Very passive attitude towards new import intentions and offers on deals.
-Ability to give preference to the import of basic and inexpensive items due to rising import prices due to the weakening purchasing power of consumers due to lower national income and a sharp increase in exchange rates.
- Therefore, it is expected that the price competitiveness of domestic products competing with China will decrease, and the intention to import Chinese products is the highest.
▶ However, given the tendency to slow the spread of Crown 19 and the growing voice of people to resume economic activity, the government of Uzbekistan is more likely to announce measures to stimulate the economy.
In the long run, demand for imports of goods related to manufacturing, automotive, and construction is expected to increase again.
※ Source: KOTRA
※ Provided : Secretariat of the Korea Uzbekistan Business Association
1. Current status of Corona 19 in Uzbekistan
- These were the first confirmed cases when citizens of Uzbekistan who visited France on March 15, 2020, received a positive result for the crown19, and as of April 24, 2020, 1716 confirmed cases, 450 cases of cure, and 7 deaths.
-All international flights will be suspended from March 24 after confirmation
- Inside, restrictions have been imposed on movement and suspension of operations, and in case of non-compliance, fines and strict administrative measures, such as the seizure of vehicles, are applied.
- Since people's lives are in jeopardy, President Mirёev ordered the termination of quarantine measures in accordance with regional outbreaks of the crown.
-Construction work is also resumed with strict observance of quarantine rules.
2. The current state of the economy of Uzbekistan thanks to Corona 19
Foreign trade turnover in Uzbekistan in the first quarter of 2020 decreased by about 10.2% compared to the same period last year to $ 81.14 billion, exports fell by 10.9% to $ 3.37 billion, and imports decreased by 9, 7% to 4.7 billion dollars.
- Significant decrease in trade with Korea, up 22.7% year on year to a record $ 550 million
- April I dollar = 10,000 137 breaths
3. A package of government incentives for Uzbekistan
- With the support of the state budget and international organizations such as the World Bank and the Asian Development Bank, on March 19, a crisis response fund of $ 10 trillion was created under the Ministry of Finance.
- Various tax benefits
4. Prospects and implications
- the slowdown in economic growth due to Corona 19 is inevitable
Very passive attitude towards new import intentions and offers on deals.
-Ability to give preference to the import of basic and inexpensive items due to rising import prices due to the weakening purchasing power of consumers due to lower national income and a sharp increase in exchange rates.
- Therefore, it is expected that the price competitiveness of domestic products competing with China will decrease, and the intention to import Chinese products is the highest.
▶ However, given the tendency to slow the spread of Crown 19 and the growing voice of people to resume economic activity, the government of Uzbekistan is more likely to announce measures to stimulate the economy.
In the long run, demand for imports of goods related to manufacturing, automotive, and construction is expected to increase again.
※ Source: KOTRA
※ Provided : Secretariat of the Korea Uzbekistan Business Association
