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Investment Dynamics, Efficiency, And Financial Stability: Evidence From Uzbekistan

Author

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  • Nizamiddin Khamraevich Khaydarov

    (Tashkent international university of financial management and technologies. Tashket, Uzbekistan.)

Abstract

This study examines the role of regulatory frameworks and financial sources in shaping investment dynamics in Uzbekistan, a transitioning economy pursuing ambitious growth targets. Using descriptive and comparative analysis of official statistical data from 2017 to 2023, the paper investigates the volume, structure, and efficiency of fixed capital investments. The findings reveal an average annual investment growth of 14.5%, with the share of investments in GDP stabilizing at approximately 33% by 2023. A key result is the shift toward market-based financing: corporate funds, direct foreign investments, and unsecured foreign loans constituted 71% of total investment financing, while state budget contributions fell to 6%. However, the study identifies persistent inefficiencies in sectoral and regional allocation, including underinvestment in strategic sectors (e.g., fish farming, poultry) and declining investment flows in 12 districts. The paper concludes that improving investment efficiency-measured through employment multipliers and value-added generation-is as critical as expanding investment volume for long-term financial stability

Suggested Citation

  • Nizamiddin Khamraevich Khaydarov, 2026. "Investment Dynamics, Efficiency, And Financial Stability: Evidence From Uzbekistan," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 17(1), pages 46-51, June.
    • Handle: RePEc:ris:utmsje:023082
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    File URL: https://utmsjoe.mk/past-issues/2-uncategorised/56-vol-17-no-1
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    Keywords

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    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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