OUTCOME DOCUMENT of the International Conference “Modern and Sustainable housing as a driving force for comprehensive development and transformation of rural areas, enhancing the living standards of population” (Tashkent, April 16-17, 2013)
Mission of Uzbekistan to the UN, 2013
The participants of the International Conference noted that the issues of sustainable housing along with the development of relevant infrastructure, considered to be a factor of growth and development, have always occupied a distinct position in the economies, in particular, in the banking and financial systems of the developed and developing countries.
At present, the construction sector accounts for 6 percent of the GDPs of Japan and Europe, more than 4 percent in the U.S., and reaching up to 8 percent in fast-growing economies. The cost of housing comprises up to 30 percent, whereas the share of housing construction reaches 25 percent of the total accumulated capital investment in the developed world, which in general signifies its great importance in economic development.
A study, conducted by the experts of the International Monetary Fund, states that a decline in demand and reduction of the real estate market by only 10 percent results in a two-percent decrease in the U.S. GDP, a three-percent - in domestic demand, and, most importantly, up to 20 percent drop in household investment. A similar state of affairs would cause an even more significant shrinking in Germany and Japan, with their GDPs declining by 5 percent, domestic demand decreasing - by 6 percent, and household investment dropping - by nearly 30 percent....