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  • Technological modernization and efficiency: new approaches and government policy measures (2014/06)

Technological modernization and efficiency: new approaches and government policy measures (2014/06)

Technological modernization and efficiency: new approaches and government policy measures (2014/06)

Publication year: 2014

Type: One-pager

Keywords: modernization, economic growth, effectiveness, competitiveness

The long-term sustainability of economic growth will be determined by the transition pace from the extensive resources buildup driven model to the model driven by the increase in their efficient use.

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.

Given the dominance of the large state-owned enterprises engaged in the resource-intensive industries the need for a swift transition to a resource-efficient economic growth model becomes a major challenge to the long-term sustainability of economic growth. This requires the measures, which will encourage the demand to increase resource efficiency.

“Formation of competitive environment is a key factor of technical and technological renovation and modernization of production and access to world markets” said the President of the Republic of Uzbekistan at the meeting on the results of the socio-economic development of the country in 2013. This direction was set as a priority for 2014 and for the medium- and long term perspective.

The views expressed in this publication are those of the working group and do not necessarily reflect the official opinion of the Center for Economic Research.

© Сenter for Economic Research, 2014

© UNDP, 2014

All copyrights belong to the Сenter for Economic Research. Any reproduction of this Policy Brief or use of portions thereof are permitted only with written permission; reference to the source is mandatory. With regard to all questions concerning reprints, translation or acquisition of the printed versions, please contact the following address: 5, 1st blind alley, Shota Rustaveli Str., Tashkent 100070, Uzbekistan. Phone: (+998 71) 150-02-02 Tashkent, Uzbekistan.

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