Shadow economy volume estimated at 45-46% of GDP

The volume of the shadow economy of Uzbekistan is estimated at 45-46%. This was announced at a briefing at the Agency of Information and Mass Communications by the Minister of Economy and Industry Botir Khodjayev.

According to him, there is a shadow economy in all countries, it is important to know what percentage it takes. In Uzbekistan, this figure is quite high.

Khodjayev also noted that currency liberalization and changes in taxation have a positive effect on the reduction of this volume.

At the beginning of 2018, the volume of the shadow economy market was estimated at around 50% of Uzbekistan’s GDP. Then it was noted that this, in turn, is an obstacle to the development of the country's economy and replenishment of the state budget.

In April 2018, the Central Bank called the shadow market one of the problems in the transition to inflation targeting.

In December 2018, it became known that the fight against the shadow economy would be the creation of favorable conditions for legal business - in order to work legally, it was both more profitable and more attractive.