Tashkent, Uzbekistan (UzDaily.com) – On 16 April 2020, the IFO-CERR online webinar was held on the topic: “Business Climate Index: IFO Institute Experience and Possible Solutions for Uzbekistan”.

The Center for Economic Research and Reforms (CERR) under the Administration of the President of the Republic of Uzbekistan organized a webinar with the assistance of the Institute for Economic Research ifo Institut and the Berlin Economics consulting company. The purpose of the event was to study the German experience in developing the Business Climate Index (Geschäftsklimaindex).

At the beginning of the webinar, CERR Deputy Director Umid Abidhajaev noted the importance of the ifo institute’s business climate index as one of the key indicators of economic activity in Germany, and expressed gratitude for the joint work on the development and implementation of an analogue for Uzbekistan. The creation of this index using the identical IFO methodology will enhance the predictability of economic forecasts and provide a timelier response from the state and business: the Index, unlike GDP, is calculated and published every month and serves as a pulse of the country’s economy.

The German Business Climate Index measures business sentiment and business conditions, where data are based on a survey of about 9,000 companies on a volunteer basis. In return for participation, these companies are provided with free more detailed analysis of the market and economic sectors.

The speaker of the online webinar was Dr. Klaus Volrabe, Deputy Director of the Center for Macroeconomic Research, who is responsible for preparing the IFO Institute’s surveys on methodology, interpretation and presentation. The CERR employees were provided with detailed information on the development of the index, compilation of the questionnaire, determination of the optimal share of sectors, the practical side of the organization of the survey and data analysis using IFO formulas for aggregating indicators.

The next stage of the partnership will be the presentation of the developed index for Uzbekistan to the German side and discussion of implementation issues.

The webinar was organized within the framework of the Memorandum of Understanding between the German Economic Group (GET) in Uzbekistan and the CERR, created in accordance with the Joint Declaration on Advisory Activities to Support the Government of the Republic of Uzbekistan in the Implementation of Economic Reforms, signed between the Government of the Federal Republic of Germany and the Government of the Republic Uzbekistan on 21 January 2019 in Berlin.

One of the areas of cooperation is: conducting joint research, exchanging expert opinions and organizing joint seminars, etc.