THE IMPACT OF FOREIGN DIRECT INVESTMENT ON ECONOMIC GROWTH IN UZBEKISTAN: EVIDENCE FROM AN ARDL BOUNDS TESTING APPROACH (2000–2024).
DOI:
https://doi.org/10.5281/zenodo.22727914Abstract
The impact of foreign direct investment on economic growth in Uzbekistan is empirically assessed for
the period 2000–2024 using the Autoregressive Distributed Lag (ARDL) bounds testing approach. Particular attention is
given to identifying both short-run and long-run relationships between economic growth and foreign direct investment.
The properties of the time-series data are examined using appropriate statistical tests, while the existence of a long-run
equilibrium relationship among the variables is evaluated through the ARDL bounds test. In addition, the adjustment of
short-run deviations toward long-run equilibrium is analyzed using an error correction model. The empirical findings provide
a scientific basis for understanding the role of foreign direct investment inflows in Uzbekistan’s economic growth and
contribute to the development of economic approaches aimed at enhancing investment efficiency and strengthening the
contribution of foreign capital to sustainable economic development
Keywords
foreign direct investment, economic growth, ARDL model, bounds testing, cointegration, error correction model, time series, investment efficiency, Uzbekistan.References
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