RETRACTED: Trends and development prospects for the economy of Uzbekistan under cyclical fluctuations in the world economy
Retraction reason: Redundant publication. The article has been published in Journal: Link The article retraction was innitiated by the journal editor. Retraction date September 25, 2019
Importance Since the 2000s, Uzbekistan's economy has demonstrated strong economic growth of 8% per year on the average, low external debt, stable exchange rate, and uniform distribution of income. The government, through its vigorous industrial policy, has achieved progressive structural shifts. The economic crisis has raised a number of fundamental issues about modern economic systems functioning. These are the issues that require an intellectual breakthrough, understanding the new realities and solving problems, which, as a rule, do not have clear-cut solutions. Objectives The study aims to perform a system analysis of trends in and prospects for Uzbekistan's national economy development under the impact of the global financial and economic crisis. Methods Employing the retrospective method, the paper presents characteristics of modern trends in the development of the national economy of Uzbekistan. It underpins prospects for economic advancement in the post-crisis period by means of statistical methods. Results I prove that during the period of independence, Uzbekistan has managed not only to retain its industrial potential, but also to pursue the policy of its modernization. Despite the reduction in the share of agriculture, the Republic partially modernized the agricultural sector. It also significantly strengthened the banking system and expanded the services sector. Conclusions Under cyclical fluctuations in the global economy, the country will have to solve a number of pressing economic problems of further modernization and diversification of the national economy.
Keywords: national economy, wave, economic crisis, post-crisis period, globalization
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