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  • Uzbekistan - WEM

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    Uzbekistan has a GDP of $85.85 billion and GDP growth rate of 8.5%, but over a quarter of the population lives below the poverty line. The country exports $12.01 billion worth of hydrocarbons annually and imports $8.06 billion in goods. Uzbekistan was historically a major cotton producer for the Soviet Union, and remains the second largest cotton exporter, however cotton farming has adverse effects in the dry climate and involves child labor and human rights issues. The economy has potential to grow through partnerships with Russia, China, and South Korea in energy and aviation, but government oversight of business and poor labor laws present challenges.

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    Uzbekistan has a GDP of $85.85 billion and GDP growth rate of 8.5%, but over a quarter of the population lives below the poverty line. The country exports $12.01 billion worth of hydrocarbons annually and imports $8.06 billion in goods. Uzbekistan was historically a major cotton producer for the Soviet Union, and remains the second largest cotton exporter, however cotton farming has adverse effects in the dry climate and involves child labor and human rights issues. The economy has potential to grow through partnerships with Russia, China, and South Korea in energy and aviation, but government oversight of business and poor labor laws present challenges.

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    6 views1 page

    Uzbekistan - WEM

    Uploaded by

    alex_volchek
    Uzbekistan has a GDP of $85.85 billion and GDP growth rate of 8.5%, but over a quarter of the population lives below the poverty line. The country exports $12.01 billion worth of hydrocarbons annually and imports $8.06 billion in goods. Uzbekistan was historically a major cotton producer for the Soviet Union, and remains the second largest cotton exporter, however cotton farming has adverse effects in the dry climate and involves child labor and human rights issues. The economy has potential to grow through partnerships with Russia, China, and South Korea in energy and aviation, but government oversight of business and poor labor laws present challenges.

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    Attribution Non-Commercial (BY-NC)
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    Economic Map Project: Uzbekistan

    Written by: Aleksey Volchek

    GDP: $85.85 billion Growth Rate: 8.5% GDP per Capita: $3,100 Unemployment Rate: 1.1% Population Below Poverty Line: 26% Exports: $12.01 billion Most Exported Product: Hydrocarbons (natural gas and petroleum) 40% Imports: $8.06 billion National Debts: $4.221billion Infant Mortality Rate: 21.92/1000 births (high, indication of poor economic enviornment) Uzbekistan was modeled to produce and deliver the vast majority of the cotton supply for Soviet Union. Since its independence on September 1990, it kept on producing what it knew best how. However the conditions for cotton crop in its dry climate is a poor one. Despite this fact, Uzbekistan is the second largest exporter of cotton in the world and it comes with a price. Disputed labor laws that extend to child slavery beyond labor has landed Uzbekistan on Tier 2 Watch List for child labor and sexual exploitation. Other prospected economical growth for Uzbekistan is its alliance and close ties with Russia, China, and South Korea in the field of aviation and energy export. Attractive tax brakes invited many outside companies to establish and run their businesses within Uzbekistans boarders. A significant investment by US automotive companies is one of the key step to the positive growth in the future of this country. The government is still overlooking most of the businesss decisions and is reminiscent of Soviet era governance. There are numerous challenges ahead for Uzbekistan and a bumpy GDP statistics had shown that its road hasnt been even up to this point either. A country that has a rich in energy asset and a strong agricultural history has a potential to become a stable financial powerhouse, however with Uzbekistans poor labor laws and human trafficking it may take longer before Uzbekistan becomes a more desirarble partner in the world economy.

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