UZBEKISTAN IN THE CONTEXT OF THE GLOBAL FINANCIAL AND ECONOMIC CRISIS

Dilshojon KARIMOV


Dolshojon Karimov, Master of Economics, doctoral candidate at Prague University of Economics (Tashkent, Uzbekistan)


Introduction

The most urgent tasks of the present day are to make an objective assessment of the reasons for the emergence of the global financial and economic crisis that broke out in 2008 and draw up a program of measures for overcoming its negative consequences.

As world experience shows, crises inevitably give rise to political instability and an increase in crime and corruption throughout the world (for example, the 1847-1849 crisis led to revolutions in many European countries, while the Great Depression of 1929 generated Fascism). Moreover, such conditions may cause an abrupt change in the functioning of political institutions and push to the foreground aggressive forces that used to be considered secondary and marginal (anarchism, Nazism, neo-Fascism, and racism). The elections held recently in the European countries (including to the European Parliament) are clear proof of the real possibility that such threats may arise.

But during the first weeks of 2008, essentially all international experts regarded the situation in the world economy as favorable. Society did not take the warnings of some analysts about the impending crisis seriously.

The National Economy Before and in the Midst of the Crisis

Keeping in mind the growing integration of Uzbekistans economy into the global financial and economic structures, it stands to reason that the crisis could not help but have a negative impact on the republic.

It should be noted, however, that in recent years a sufficiently stable resource base was created in Uzbekistan conducive to the smooth functioning of the financial-economic, budgetary, and banking systems, as well as of different branches of the national economy.

The macroeconomic situation in Uzbekistan in recent years has been enjoying the following attributes: continued economic growth, low inflation rates, higher real personal monetary incomes and employment, higher foreign trade volumes, and dynamic development of small business, entrepreneurship, and.......................


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