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Abstract
This article examines the relationship of investment and trade openness with real economic growth in Uzbekistan using data for 2010–2024. Ordinary least squares and Newey–West HAC standard errors are applied to 15 annual observations from the World Bank’s World Development Indicators database. In the baseline model, the coefficient on the previous year’s investment share is −0.1164, the trade openness coefficient is −0.0078, and R² is 0.1729; neither coefficient is statistically significant at the 5% level. Excluding the 2020 observation changes the investment coefficient to +0.1105. The findings indicate that estimates in this small sample are sensitive to macroeconomic shocks and model specification, rather than establishing a harmful causal effect of investment on growth. The article recommends assessing investment alongside project quality, import composition, export capacity and external liabilities.
References
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Copyright (c) 2026 Sotvoldiyev, A.A. (Muallif)