Tashkent, Uzbekistan (UzDaily.com) — The Center for Economic Research and Reforms (CERR) of Uzbekistan and the UK's National Institute of Economic and Social Research (NIESR) have signed a memorandum of cooperation to introduce the National Institute Global Econometric Model (NiGEM) in Uzbekistan. The signing ceremony took place in London with the participation of CERR Director Obid Khakimov and NIESR Finance Director Yetunde Aroloye.

NiGEM is one of the most authoritative macroeconomic models, widely used by central banks, governments, and financial institutions worldwide. Covering over 7,500 macroeconomic variables, the model is applied in 30 European countries, 6 American countries, 12 Asian and Australian nations, and 2 African states. It enables in-depth economic analysis, forecasting the impact of monetary and fiscal policy changes, and assessing external shocks on national economies.

For Uzbekistan, the implementation of NiGEM marks a significant step in strengthening its analytical capacity. The model will enhance economic growth forecasting, risk assessment, and strategy development amid global uncertainty.

"Collaboration with a leading research institution like NIESR grants Uzbekistan access to advanced macroeconomic analytical tools. This will deepen our understanding of global economic trends and their impact on our economy, ultimately improving decision-making quality," noted Obid Khakimov.

Ian Hurst, Director of Model Development at NIESR, emphasized that the partnership with CERR is a crucial step in building Uzbekistan’s analytical capacity. "We are pleased to support the integration of NiGEM in Uzbekistan and believe this will lay the foundation for long-term cooperation in economic research," he stated.

The NiGEM implementation is part of Uzbekistan's initiative to modernize state research institutions, supported by the World Bank and the Agency for Innovative Development. The initial phase will involve integrating Uzbekistan’s national macroeconomic data into the model to reflect the country's economic specifics. This will be followed by calibration, model adjustment, and training for CERR specialists.

Experts highlight that utilizing NiGEM will not only improve Uzbekistan’s economic forecasting capabilities but also bolster its global standing as a country actively adopting advanced analytical and planning methodologies.

Founded in 1938, the National Institute of Economic and Social Research (NIESR) is one of the UK’s oldest independent research organizations. It specializes in macroeconomic modeling, social research, and advisory services for governments and international institutions.