THE EFFECTS OF INVESTMENT CLIMATE REFORMS ON UZBEKISTAN’S ECONOMIC INDICATORS

Аннотация

This study examines the impact of Uzbekistan’s post-2017 investment climate reforms on
key macroeconomic indicators, including GDP growth, foreign direct investment (FDI), inflation
and unemployment. Using data from 2016 to 2023, correlation analysis was conducted to assess
the relationships between these variables. The findings suggest that while the reforms contributed
to stabilizing GDP growth and reducing inflation, their impact on FDI inflows and unemployment
was relatively weak. FDI inflows remained unstable and their correlation with GDP growth and
job creation was minimal. Inflation initially spiked due to economic adjustments but gradually
declined, indicating effective monetary management. Unemployment showed a slight downward
trend, though job creation remained slow. Additionally, FDI has lagged effects, meaning its impact
on economic growth and job creation occurs over time rather than immediately. The study
highlights the need for Uzbekistan to enhance long-term investment stability, diversify foreign
investments into productive sectors and implement policies that support domestic entrepreneurship
and workforce development