Financial sector and its sustainable development is one of the key pillars of any emerging economy, hence, the effectiveness of policies and strategies in this sector, especially in light of the global financial crisis, is crucial for the economy. To this end, CER conducts demand-driven studies on the most challenging issues in the field of macroeconomic, financial and economic development. The Economic Transformation component secures the following activities:
- Implementation of research projects in the field of macroeconomic, financial and economic development;
- Introducing new methods of economic analysis and developing innovative models for depicting economic development progress both on sectoral and national levels;
- Elaborating recommendations on effectively addressing current economic development challenges in the medium and long run.
Featured Research Projects
Current project is a joint initiative of CER and Chamber of Commerce and Industry of Uzbekistan aimed at elaborating a toolkit for assessment and short-term forecasting of dynamics of business activity.
The housing and public utilities model established in the first half of the 20th century and based on the centralized economy and cheap energy resources has been significantly outdated. There is an urgent need in creating a new housing and public utilities architecture, allowing to diversify financial sources and expand capacities of local authorities, thus, motivating introduction of new innovative technologies leading to drastically reduction of the level of resource losses and cost of services.
The Uzbekistan’s economic growth model is based on development of the resource-intensive fuel and energy, chemical and metallurgical sectors. The resource-intensive growth pattern suppresses increase in the economy competitiveness. This is reflected in the fact that: a) the GDP energy intensity is 4.7 times as high as in the developed countries and 1.4 times as high as in the developing countries; b) equipment depreciation in the industries reaches 50%; c) return on capital, return on investment and labor productivity, as well as the efficiency factor contribution (TFP, total factor productivity) in the GDP growth reduced.