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Home / Business and Innovation / The President sets a target to double GDP by 2030

The President sets a target to double GDP by 2030

President Islam Karimov, speaking on Friday at a government session, set a target of not less than 2-fold increase of GDP by 2030 .

"Based on in-depth analysis of the trends of the world economy, realistic assessment of our resources and capabilities, we have a good reason to set a target - not less than 2-fold increase in gross domestic product of our country by 2030, “ said the President.

Due to structural reforms, the share of industry in GDP is expected to increase to 40 % , compared to 33.5 % in 2015 , while decreasing the share of agriculture from 16.6 to 10.8 %, reducing the energy demand of GDP 2 times. 

"We can judge how realistic this target is, based on the following calculations. In order to double GDP between 2016-2030, it is enough to provide average annual growth rate of 4.8 % , whereas in the past 11 years the average GDP growth rate in the country amounted to no less than 8 % ," said Karimov.

In defining key priorities of socio-economic development for 2016, the head of state stressed, that the new challenges, "necessitate a complete renunciation of outdated methods of predicting growth based on achieved levels, relying on the average development." 

The main guideline, he said, should be "continuous technical and technological renewal of production, as well as the constant search for internal reserves, the implementation of deep structural reforms in the economy, modernization and diversification of the industry."

Implementation of internal resources and capabilities is most important. There should be a gradual increase in the depth of processing of raw materials and expansion of the volume and range of products with high added value. 

"In other words, moving to successive 3-4-stage processing of raw materials cycles is needed in order to face the demands on the world market. Following the scheme: the basic raw material - primary processing, (semi) - finished materials for industrial production, finished products for final consumption", the President said.

As a result, the volume of high value-added petrochemical products maybe increased by 3.2 times, production volume of products from ferrous metals – by 2.2 times, ferrous metals production – by 2.3 times, chemical products, including fertilizers -3.2 times.

"I must say that this work has already begun in the country. However, it requires a radically new software integrated approach, with a perspective view of each raw material and semi-finished products with high potential. We need a specific program of deep processing, calculated for 2020 , 2025 , 2030,” the President added.


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