The Minister of Economy and Finance in Uzbekistan, Jamshid Kuchkarov, disclosed alarming figures regarding the shadow economy’s size, estimating it to range from 25% to 45% of the country’s GDP. Kuchkarov delivered this revelation during a session of the Senate of the Oliy Mazhilis of Uzbekistan, TuraNews.kz reports citing the Kazinform agency.
Addressing the senators, the minister outlined the extent of informal economic activities in Uzbekistan and detailed ongoing efforts to combat the shadow economy. Kuchkarov emphasized the need for concerted efforts to address this issue, given its substantial impact, with the shadow economy holding a significant presence in industries like construction, trade, and services.
To tackle this challenge, the Ministry of Economy and Finance, in collaboration with the Presidential Administration, has formulated a draft presidential resolution. This resolution, currently in the final stages of approval, encompasses various measures aimed at reducing the prevalence of the shadow economy.
Among the proposed strategies, Kuchkarov highlighted the importance of diminishing cash transactions, emphasizing a shift toward digital payments. The minister clarified that this initiative entails encouraging payments for goods and services exclusively through bank cards, contributing to a more transparent and accountable economic landscape.
