Asatullaev Khurshid Sunatullaevich,
Tashkent Financial Institute, department of “Economics” professor
Tashkent, Uzbekistan.
Email: www.asatullayev75@mail.ru
ORCID: https://orcid.org/0000-0001-7725-4197
Khadzhaev Khabibulla Sagdullaevich,
Tashkent Financial Institute, Department of “Economic Security” associate professor
Tashkent, Uzbekistan. Email: khabibulla_1965@mail.ru, khabibulla1965@gmail.com
ORCID: 0000-0003-3252-2295
Abstract. Analysis of economic growth processes in the world economy in connection with social and environmental problems affecting the standard of living of the population is the main goal of inclusive growth issues. For this reason, it is important to increase the standard of living of the population and reduce poverty by ensuring inclusive growth in Uzbekistan, as in other countries.
In the article, the essence of inclusive growth, its importance in the development of the economy of countries, the interpretation of the comments given to this concept by the experts of foreign countries and international organizations dealing with these issues is expressed. Slow growth in living standards and rising inequality have led to the erosion of social cohesion in the economies of many countries. This, in turn, led to the emergence of a new idea of the need for a more inclusive and sustainable growth and development model that provides a higher standard of living.
In terms of narrowing the gap between economic development and income, the World Economic Forum’s Economic Development Perspectives Initiative has introduced a new macroeconomic policy framework and performance indicator for inclusive growth and development practices.
This system defines 15 directions of structural structures. At the same time, it builds economic policies and institutional capacity that have the potential to harness the social aspects of participation in high growth processes and contribute to the benefits of such growth.
The structural policies and institutions in these areas together represent the system by which the modern market economy distributes the gains in living standards. Сountries often fail to appreciate the potential of policies in these areas to increase growth and spread their benefits, especially in contexts of limited demand and low productivity.
Inadequate emphasis on macroeconomic, fiscal and foreign trade policies for stability is the main reason why many governments have failed to mobilize more effective responses to the widening inequality and stagnation of average income in recent decades due to technological change and increasing globalization.
In addition, the processes of implementation of issues related to inclusive growth and poverty reduction in Uzbekistan based on the goals set for poverty reduction and inclusive growth in the new development strategy of the Republic of Uzbekistan for 2022-2026 are briefly described.
Key words. inclusive growth, prosperity, standard of living, poverty, poverty reduction.