Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth

Uzbekistan Quality Job Creation as a Cornerstone for Sustainable Economic Growth
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direct investment. Further, as a result of ratifying free trade agreements with the 
European Union, Japan, and the United States, the share of trade covered by trade 
agreements increased from 25% to 85% between 2002 and 2007. The goal of 
joining such treaties was to improve the welfare by attracting foreign investment 
and becoming a regional export hub.
To this end, trade openness, as measured by the sum of exports and imports as a 
share of gross domestic product, rose rapidly in Chile, from 56% in 1992 to 81% in 
2008. The increase was triggered partly by the steep rise in copper prices (Chile’s 
most abundant natural resource) and partly by the increase in exports and imports 
of other products.
Evolution of Average Tariffs and Trade 
as a Share of GDP in Chile, 1992–2008
(%)
GDP = gross domestic product, LHS = left-hand scale, MFN = most favored nation, RHS = right-hand 
scale. 
Sources: World Integrated Trade Solution (2018), World Bank. World Development Indicators.
https://databank.worldbank.org/source/world-development-indicators (accessed 12 December 2019).
Today, Chile is ranked as a high-income economy by international institutions 
and remains the best-performing nation in South America, with relatively high 
investment rates, low inflation, and stable financial markets. Moreover, it is 
among the most attractive business destinations in the world. To sum up, Chile’s 
experience demonstrates that with coherent institutions and policies, opening up 
to trade and foreign direct investment can be very beneficial to economic growth, 
linking long-term economic and social prospects.
Source: Brid and Hernandez (2004).
Box 5.1 continued
Weighted tariff rate, MFN (LHS)
Trade as a share of GDP (RHS)
1992
1993
1994
1995
1996
1998
2000
2002
2004
2006
1997
1999
2001
2003
2005
2007
2008
55
50
60
65
70
75
80
85
6
5
7
8
9
10
11
12

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