Uzbekistan’s economy has been through its share of the initial down when it was formed. It relieved its independence in 1991, and since that time, Uzbekistan has undergone economic transformations to strive to become factor in the global economy. The collapse of the Soviet Union and the birth of Uzbekistan had left the country exposed because of the immeasurable downfall of the network of trade and suppliers. The country only had raw materials and semi processed goods available for exports, making them highly vulnerable to the world economy and thus creating a dependency on the world’s commodity prices. Uzbekistan at that time had to take drastic steps to induce polices and reforms that would influx market based aspects. However, the governance of Uzbekistan under Karimov had different set of economic ideas. He introduced policies that had the sole intention of creating control over the economy and these policies played no heed towards producing and implementing structural reforms. The economic liberation of the country in the beginning was very much controlled and the government was very cautious in its moves. The economic policies have somehow ensured a slow regression of privatization keeping more of government control in the state. The ineffectiveness of the economic forums brought the Uzbekistan’s economy as rendering and deterring factors for the foreign investments. The country then was too reluctant to listen to the economic advice on reforms by the World Bank, the IMF and various economic institutions. This led to abrupt increase in high levels of corruption and showcased the world about the extreme bureaucratic inefficiency to develop business initiatives.
The core issue post independence was the soaring state control and authoritarian style of economic power. The following will shed more light on Uzbekistan’s post independence economic woes: ‘Privatization has been very slow and ...
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This mechanism is summarized underneath:
The deficit that is created in the recession period stabilizes the economy through built-in stabilizers. These stabilizers provide a ground to make appropriate fiscal policy with the help of which the economy starts recovering
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