13:20 / 28.04.2020
Uzbekistan will calculate the Consumer Sentiment Index

The Center for Economic Research and Reform (CERR) will conduct a monthly survey among the population to study consumer sentiment. According to the center, all citizens of Uzbekistan over 16 can take part in it.

Photo: KUN.UZ

“Uzbekistan is taking measures to monitor the influence of coronavirus on the socio-economic situation in the country, including the effects of measures to mitigate the outcomes of coronavirus. In particular, the CERR is responsible for calculating the Consumer Sentiment Index,” the report says.

CERR, together with IT Park, has developed a survey in Telegram messenger, which consists of 8 questions. One can take part in the survey on the following link: t.me/consumersentiment_bot.

It is conducted to determine the trend of consumption and consumer expectations for some economic indicators in Uzbekistan.

The survey results will serve as an economic barometer; it will help to determine the economic sentiment of the population and predict development trends by identifying consumer expectations for the future.

“Many countries are creating coordination mechanisms to monitor socio-economic processes continuously during the pandemic and develop appropriate responses according to them. For example, the Ministry of Economics and Digitalization of Austria has created a working group to monitor the impact of COVID-19 on the economy. The Danish government, in collaboration with the business sector, has created the “Government and Business Group”, which is authorized to discuss temporary and targeted measures that can solve current problems. France created regional task teams which, together with state development banks, accelerate measures to support enterprises,” the CERR added.

In these countries, this index has become such an important part of the national economic dialogue that many believe consumer sentiment has a specific and widely agreed definition. However, determining consumer sentiment remains elusive, as consumer sentiment can never be directly observed; the only thing that is possible to observe is consumer’s behavior.