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THЕ RЕLATІОNSHІP BЕTWЕЕN FOREIGN DIRECT INVESTMENT AND CО2 AND ЕCОNОMІC GRОWTH ІN UZBЕKІSTAN
Musobek Samijonov

Thіs study еxamіnеs thе rеlatіоnshіp bеtwееn CО2 еmіssіоns, еnеrgy usе, GDP, GDP squarеd, and fоrеіgn dіrеct іnvеstmеnt fоr Uzbеkіstan bеtwееn 1990 and 2022. Bоund tеsts arе usеd tо cоnfіrm thе еxіstеncе оf cоіntеgratіоn, thе autоrеgrеssіvе dіstrіbutеd lag (ARDL) mоdеl іs usеd tо еxamіnе thе shоrt-tеrm and lоng-tеrm еffеcts оf thе dеpеndеnt varіablеs оn thе іndеpеndеnt varіablе, and fіnally, thе vеctоr еrrоr cоrrеctіоn (VЕCM) mеthоd іs usеd tо іdеntіfy thе causal rеlatіоnshіps bеtwееn thе varіablеs. Thе cоеffіcіеnts fоr еnеrgy cоnsumptіоn and fоrеіgn dіrеct іnvеstmеnts wеrе sіgnіfіcant at thе 10% lеvеl, accоrdіng tо оur rеsеarch. GDP and GDP2 wеrе shоwn tо bе unіmpоrtant varіablеs. Еnеrgy usе has a bеnеfіcіal іmpact оn CО2 еmіssіоns, but FDІ has a nеgatіvе іmpact. Addіtіоnally, іt іs dіscоvеrеd thrоugh causal analysіs that GDP and GDP2 іndіrеctly іnfluеncе CО2 еmіssіоns. Еnеrgy usе and FDІ arе іmpactеd by GDP and GDP2, wіth FDІ latеr bеіng transmіttеd thrоugh CО2 еmіssіоn. Іn оrdеr tо prоmоtе majоr rеnеwablе dеplоymеnt, thе fеdеral gоvеrnmеnt shоuld spееd up іnvеstmеnt pоlіcіеs, tax crеdіts, rеgulatоry actіоns, statе pоlіcіеs, rеsеarch and dеvеlоpmеnt, and markеt trеnds.

05/31/2024
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280-292 99 72
FORECASTING OF MACROECONOMIC INDICATORS OF THE REPUBLIC OF UZBEKISTAN USING THE ARIMA MODEL
Farangiz Muslimova

This article examines the use of the ARIMA model for analyzing and forecasting the macroeconomic indicators of the Republic of Uzbekistan. The application of the ARIMA model allowed for the identification of stable trends and provided accurate forecasts for such indicators as gross domestic product (GDP), industrial production, investment in fixed capital, and aggregate household income.

07/31/2024
  • PDF (Russian)
362-368 97 70
THE IMPACT OF INFLATION TARGETING MONETARY POLICY ON MACROECONOMIC PERFORMANCE OF TURKEY DURING 2002-2022
Bekzod Berdiyorov, Sarvar Masharipov

The main aim of the study is to investigate the impact of inflation targeting (IT) strategy in Turkey during 2002-2022, which was adopted in a three-year period of 2002-2004, on macroeconomic performance (actual inflation, exchange and interest rates) and economic growth of Turkey (in terms of the real GDP). The econometric and empirical investigation of this research focusing on the impact of inflation targeting on the selected macroeconomic variables were carried out by the linear squares method (LSM) regression taking the data of the period after implementation of the monetary policy. At this, the independent variable of inflation targeting was estimated against each chosen macroeconomic variable separately in four different models to catch its linear impact on the changes of these variables over the period after implementation of the strategy. The empirical outcomes demonstrated that inflation targeting monetary policy is strong enough to impact the macroeconomic performance of Turkey in terms of reducing inflation rates, boosting economy by pushing real GDP to grow, stabilize exchange rates and lower the nominal interest rates on deposits.

09/30/2024
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57-68 104 39
ANALYSIS OF THE CURRENT STATE OF SMALL BUSINESS AND ENTREPRENEURSHIP
Azizbek Abduqahhorov

The article analyzes the key indicators of small business development in Uzbekistan during 2020–2025. It highlights the steady growth of small business contributions to GDP, industry, construction, retail trade, services, and foreign trade. The study also discusses persisting challenges, including limited access to financial resources, lack of skilled workforce, market competition imbalances, and the incompatibility of export products with international standards. The paper proposes practical recommendations aimed at enhancing the role of small business in the national economy.

08/29/2025
  • PDF (Uzbek)
6-11 85 72
QUALITATIVE ECONOMIC GROWTH IS AN IMPORTANT INDICATOR OF UZBEKISTAN'S ECONOMIC DEVELOPMENT
Moxigul Pulatova

This article examines the concept of qualitative economic growth and its role as a central indicator of Uzbekistan's economic development. In contrast to traditional measures focused solely on GDP growth, qualitative economic growth emphasizes sustainable development, structural diversification, productivity growth, income equality, and social well-being. The study analyzes Uzbekistan's economic trajectory over the past decade, focusing on improvements in industrial production, investments in human capital, technology adoption, and institutional reforms. Using qualitative and quantitative data, the article assesses how macroeconomic stability, structural reforms, and regional development initiatives contribute not only to the volume but also to the quality of growth. The article concludes with recommendations for improving the quality of growth, including diversifying the economy, developing high-value industries, strengthening social protection, and improving governance efficiency.

12/29/2025
  • PDF (Uzbek)
214-222 12 10
RECOMMENDATIONS ON THE POLICY OF UZBEKISTAN'S PARTICIPATION IN TRADE AGREEMENTS
Malika Toshpulatova

The article analyzes the economic foundations of Uzbekistan's integration into the international trading system, in particular, the policy of participation in the World Trade Organization. The study reveals the impact of trade agreements on exports, investments and competitiveness. The importance of inclusiveness, institutional coordination and stakeholder participation in the formation of trade policy based on international and regional experience is highlighted. The empirical analysis is carried out using a panel regression model based on data for Uzbekistan, Kazakhstan and Kyrgyzstan for 2000–2024. The results show that WTO membership increases GDP by an average of 17%. It is also found that WTO membership improves the investment climate, increases export diversification and accelerates institutional reforms. According to the forecast analysis, by 2030, Uzbekistan's GDP could reach 245 billion US dollars under WTO membership. The article also focuses on the potential social and cross-sectoral risks of trade liberalization and provides practical recommendations for a balanced trade policy.

12/29/2025
  • PDF (Uzbek)
268-277 9 8
THE RELATIONSHIP BETWEEN ECONOMIC DEVELOPMENT AND SELECTED ECONOMIC INDICATORS IN CASE OF ITALY
Xurshid Amirov, Azizbek Bafoyev, Bahodir Durdimurodov, Rukhiddin Zayniddinov

In this article, we measure the economic development of Italy and examine the factors that will influence it. For the research purposes we have selected several factors that have a great impact on economic growth. We take GDP per capita as a measure of a country's economic development. The purpose of this study is to examine the dynamic and long-term relationships between variables and GDP per capita.

11/30/2023
  • PDF
21-31 225 108
THE IMPACT OF PILGRIMAGE TOURISM ON THE ECONOMY OF UZBEKISTAN: KEY INDICATORS AND CURRENT TRENDS
Shokhida Mustayeva

Pilgrimage tourism is one of the promising areas of tourism development in the Republic of Uzbekistan. The article examines the main indicators and trends in the development of pilgrimage tourism in Uzbekistan, as well as its socio-economic consequences. The purpose of the study is to identify the role of pilgrimage tourism in the economy of the Republic of Uzbekistan, to determine the main indicators and trends in the development of this area of tourism. The ideas of the study are that pilgrimage tourism has significant potential for the development of the economy of Uzbekistan, creating jobs and improving the standard of living of the population.


The research contributes to the development of theoretical knowledge about pilgrimage tourism in Uzbekistan. The practical significance of the study lies in the fact that its results can be used to develop strategies for the development of pilgrimage tourism in Uzbekistan, as well as to improve the efficiency of management of this tourism area.
The methodological basis of the research is the economic and sociological approaches. The research uses methods such as statistical data analysis, including correlation and regression analysis; analysis of official legal documents and scientific literature, generalization, forecasting.
As a result of the study, the following main results were obtained. In 2022, about 313.9 thousand pilgrims visited the country, which is about 6% of the total number of international tourists. Revenues from pilgrimage tourism in 2022 amounted to 125.6 million dollars, which is about 1.52% of the GDP of the Republic of Uzbekistan. According to the forecast for 2023, the incoming tourist flow to the Republic of Uzbekistan will grow to 7 million people, the number of pilgrim tourists will amount to 420 thousand people. Then the income from pilgrimage tourism in 2023 It will amount to $168 million, and the total revenue from tourism will amount to $ 2.8 billion. Using correlation analysis, a direct noticeable correlation was revealed between employment in the tourism sector and income from tourism. Pilgrimage tourism is one of the promising areas of tourism development in Uzbekistan. The results of the study contribute to the development of theoretical knowledge about pilgrimage tourism in Uzbekistan. The results of the study can be used to develop strategies for the development of pilgrimage tourism in Uzbekistan, as well as to improve the efficiency of management of this area of tourism. In particular, the study can be used to improve the regulatory framework governing activities in the field of pilgrimage tourism; development of infrastructure for pilgrimage tourism; promotion of pilgrimage tourism in foreign markets.

05/31/2024
  • PDF (Russian)
560-569 289 108
ANALYSIS OF SMALL BUSINESS AND ENTREPRENEURSHIP INDICATORS IN UZBEKISTAN
Nilufar Nabiyeva

This article analyzes the development indicators of small business and entrepreneurship in the economy of Uzbekistan. The analysis reveals problems such as imbalances in financing small business activities, a decline in export potential, and regional disparities. Scientific and practical proposals for addressing these issues have been developed. The article provides a scientific basis for the necessity of developing small business as one of the strategic priorities of economic policy.

10/31/2025
  • PDF (Uzbek)
151-160 51 33
METHODOLOGY FOR IDENTIFYING INEFFICIENT SAVINGS IN UZBEKISTAN
Jaxongir Imamnazarov

This article proposes a methodology for determining and analyzing the volume and value of “non-working” savings of the population of Uzbekistan, that is, investments and reserves in monetary and non-monetary form, not attracted to the official economy as investments. The methodology takes into account the specifics of the economy, in particular, the high level of influence of the US dollar on the domestic market, the high share of the shadow economy, and the low level of development of investment companies. This study proposes a multi-stage approach, in particular a multi-stage approach that combines macroeconomic balance methods, household microdata, behavioural models of cash demand, and a Bayesian structural module for resource integration. Data sources, validation processes, distribution by region, and implementation algorithm are described.

10/31/2025
  • PDF (Uzbek)
112-122 35 23
IMPACT OF INNOVATION AND DIGITAL TECHNOLOGIES ON ECONOMIC GROWTH
Shakhlo Urozova

This article analyzes the fact that innovation is becoming one of the most
characteristic features of economic development and a factor that accelerates market
development. Also, suggestions and recommendations are given that the rapid development of entrepreneurship can be achieved through the wide use of innovations in the modern world. The introduction of modern innovative technologies is a positive step for enterprises. Effective informatization of innovative technologies significantly increases macroeconomic indicators and socio-economic development processes of the enterprise, which leads to an increase in the quality and level of management decisions, the efficiency of information processes and services, which in turn improves socio-economic, scientific, technical, improves cultural and other indicators of life.
The introduction of information in all processes and the development of modern digital
technologies will have a positive effect on GDP growth. Digital technologies will significantly change the efficiency of the world economy. Global network, digital devices are drivers of economic growth. For this reason, their role in networks is of incomparable importance. The stages and importance of integration of digital technologies with socio-economic spheres are mentioned.

06/30/2024
  • PDF (Uzbek)
240-247 420 105
KEY INDICATORS OF THE SERVICE SECTOR IN THE REPUBLIC OF UZBEKISTAN
Gulam Ernazarov

The article reveals the essence of the service sector, studies its main indicators and development prospects. The role and importance of the service sector in the national economy, its share in GDP and main indicators are also statistically analyzed.

07/31/2025
  • PDF (Uzbek)
41-48 64 103
STATISTICAL ANALYSIS OF ECONOMIC DEVELOPMENT OF THE AGRICULTURAL SECTOR
Umida Zakirova

Based on statistical data, this article will highlight the dynamic changes observed in the agricultural sector of the Republic of Uzbekistan during 2020-2024, individual patterns in them and their impact on forecast indicators for the coming periods. Based on official statistics related to the agricultural sector, the observed changes in macroeconomic indicators as a result of modernization processes in agriculture and their impact on the well-being of the population are analyzed.

05/30/2025
  • PDF (Uzbek)
263-270 66 42
ECONOMIC DEVELOPMENT OF REGIONS BASED ON THE EFFICIENT USE OF INVESTMENTS
Saodat Toshaliyeva

This article highlights the theoretical and practical aspects of regional economic development based on the efficient use of investments. The dynamics of gross regional product and the volume of assimilated investments in fixed capital across the regions of the republic are analyzed. Furthermore, the technological structure of investments in fixed capital has been studied as an indicator of investment efficiency, and a comparative analysis with foreign countries has been carried out. In addition, proposals have been developed for promoting regional economic development based on the effective utilization of investments.

05/30/2025
  • PDF (Uzbek)
195-202 91 57
PROSPECTS FOR INCREASING THE EFFICIENCY OF INVESTMENTS IN UZBEKISTAN
Jaloliddin Salohiddinov

This article analyzes the issues related to increasing the efficiency of investments directed to Uzbekistan. The role of investments in the structure of the country's gross domestic product (GDP), their impact on economic growth, and their importance in economic diversification are examined. In addition, promising directions are proposed for improving the investment climate, effectively managing investment projects, and optimizing the economic outcomes derived from investments.

05/30/2025
  • PDF (Uzbek)
171-175 80 35
DYNAMICS AND FACTORS OF SERVICES EXPORTS DEVELOPMENT OF CENTRAL ASIAN COUNTRIES
Gavxar Sultanova

The export of services plays a crucial role in enhancing the export potential of Central Asian countries and diversifying their export portfolios. This article presents an econometric analysis of the key factors influencing service exports, utilizing statistical data from Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan from 2000 to 2021. The analysis employs various methodologies, including fixed effects, random effects, GLS, and fixed effects with Driscoll-Kraay standard errors. The findings reveal that UNCTAD's ICT index and the category "Private Sector," along with GDP per capita, significantly contribute to the growth of services exports in Central Asian countries. On the other hand, population size negatively affects the volume of services exported by the countries analyzed. Based on the results obtained, recommendations were developed to boost traditional and modern services exports from Central Asian countries.

03/28/2025
  • PDF (Russian)
202-211 66 42
THE ROLE OF CONSTRUCTION ORGANIZATIONS IN REDUCING THE UNEMPLOYMENT RATE OF THE COUNTRY
Jamshid Alijonov

Further development of the field of housing construction, improvement of mechanisms for attracting investments, further improvement of the standard of living of our country, is one of the reforms that are consistently carried out in our country today. At the heart of this article lies the expansion of the economy of our country, the reduction of the unemployment rate through the development of the construction sector in our country, the further improvement of the living well-being of our population, the increase of gross domestic product and economic development.

03/28/2025
  • PDF (Uzbek)
55-63 62 69
THE ROLE OF THE TOURISM INDUSTRY IN THE ECONOMY AND THE THEORETICAL CONCEPTUAL FOUNDATIONS OF TAXATION OF TOURISM ACTIVITIES
Zafar Abdullayev

The article examines the role of the tourism industry in the economy, emphasizing its importance as a driver of growth, job creation and infrastructure development. The main economic indicators demonstrating the contribution of tourism to GDP and social well-being are analyzed. Special attention is paid to the theoretical conceptual foundations of taxation of tourism activities. The existing tax regimes, their advantages and disadvantages, as well as the impact of tax policy on the development of the tourism sector are discussed. The author offers recommendations on optimizing the tax burden for travel companies, which can contribute to improving the competitiveness of the industry. The article concludes with conclusions on the need for an integrated approach to tourism taxation, taking into account both economic and social aspects.

09/30/2024
  • PDF (Uzbek)
29-35 169 90
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