The volume of the hidden economy in Uzbekistan can reach 25-45% of GDP, said Minister of Economy and Finance Jamshid Kuchkarov. At a plenary meeting of the Senate, he stated that a draft document is currently being developed on introducing the practice of making some payments exclusively by bank cards.
The volume of the hidden economy in Uzbekistan can reach from 25 to 45% of GDP. Minister of Economy and Finance Jamshid Kuchkarov announced this at the 48th plenary meeting of the Senate.
“This is a high figure. In which sectors can we say the highest share of the hidden economy? It is in the construction, trade, service sectors. Together with the presidential administration, we are preparing a draft resolution. The project is almost ready. There are many issues raised here, including a decrease in cash turnover. It’s not the old way. Making some payments only by bank cards, as well as other issues,” he said.
The Senate Chairperson Tanzila Narbayeva noted that this issue should be resolved positively, it is well systematized, recommendations for the Chamber of Commerce and Industry should be included.
According to the economist Otabek Bakirov, the transition to completely non-cash payments should begin with trade in housing and cars.
“The economic segments that should first of all be transferred to completely non-cash payments should be related to the sale of housing and cars (both in the primary and secondary markets). The biggest dollarization process has also taken over this gray sector,” the economist wrote.
Earlier, the Tax Committee reported that the country has a 42% hidden economy. At a meeting of the UzLiDeP party held in October, it was noted that this amount is $32 billion, or about 40% of GDP.
