THE UZBEK ECONOMIC MODEL

INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE

ISSN: 2692-5206, Impact Factor: 12,23

American Academic publishers, volume 05, issue 02,2025

Journal:

https://www.academicpublishers.org/journals/index.php/ijai

page 857

THE UZBEK ECONOMIC MODEL

Igamova Shaxinya Zikrilloyevna

Associate professor ,PhD Asian International University

Abstract:

Following its independence in 1991, Uzbekistan initiated economic reforms aimed at

transitioning to a market economy. However, by 1996, the country shifted towards increased

state intervention and an import substitution policy to accelerate industrial development. This

approach involved extensive state control over resource allocation, price regulations, and

financial policies. High taxes, government expenditures, and restricted access to favorable

exchange rates further reinforced state dominance. Additionally, artificial monopolies were

created by limiting market entry and granting preferential treatment to select enterprises. Direct

government control over businesses and import restrictions through tariff and non-tariff barriers

further constrained market competition. This economic model prioritized centralized

management and industrial growth but limited private sector development and economic

liberalization.

Key words:

Uzbekistan Independence, Market economy, State intervention, Import substitution,

Industrial development, Resource allocation, Price regulation, Exchange rate, High taxes,

Government expenditures, monopolies, Business management, Market restrictions, Tariff

barriers.

Introduction

As an independent state, Uzbekistan appeared on the world map in 1991. The country launched

reforms that were supposed to create a base for running a market economy. In 1996, however the

course of the economy was radically shifted towards intensification of state intervention in the

economy and the implementation of an import substitution policy. To accelerate industrial

development, the state redistributed huge flows of material, financial, monetary and labour

resources through:

- Direct allocation of resources, administrative regulation of commodity prices, interest

rates and exchange rates;

- High taxes and government expenditures;

- Restricted access to the official exchange rate which is beneficial for currency buyers

(usually two to three times different from the market rate);

[1]

- Establishment of artificial monopolies by limiting the access to markets for new players

and provision of tax, credit and other benefits to certain enterprises or groups of

enterprises;

- Direct (‘manual’) business management; and

- Limitation of imports by tariff and non-tariff barriers.

The result was the extremely low level of economic efficiency and economic growth rates, high

unemployment and external labour migration, and rampant corruption.

Table 1. GDP per capita, in USD, nominal growth

[2]

countries

1995 2018 Growth

countries

1995

2018

Growth

INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE

ISSN: 2692-5206, Impact Factor: 12,23

American Academic publishers, volume 05, issue 02,2025

Journal:

https://www.academicpublishers.org/journals/index.php/ijai

page 858

China

610

9771

16,0

Moldova

47

7

3227

6,8

Azerbaijan

397

4721

11,9

Mongolia

63

2

4122

6,5

Vietnam

277

2567

9,3

India

37

4

2010

5,4

Armenia

456

4212

9,2

Belarus

13

71

6290

4,6

Lithuania

2169 19153

8,8

Russia

26

66

11289

4,2

Georgia

578

4717

8,2

Tajikistan

21

4

827

3,9

Latvia

2322 17861

7,7

Kyrgyzstan

36

4

1281

3,5

Kazakhstan

1288 9813

7,6

Ukraine

93

6

3095

3,3

Estonia

3131 23266

7,4

Uzbekistan

58

6

1532

2,6

Due to the policies pursued, market reforms were curtailed and market mechanisms were

partially replaced by command and administrative regulation. Limited competition, high

business costs, and insecurity of property rights and deals hampered the creation of competitive

manufacturing and other businesses. The incredibly large benefits and high level of monopolism

stimulated corruption, rapid unearned incomes and the export of monetary capital.

The artificial cheapening of capital (conversions at the lucrative official exchange rate,

cheap loans, and tax exemptions) and expensive labour (due to high payroll taxes) led to

utilisation of capital-intensive industries instead of labour-intensive ones, which, amongst other

factors, contributed to extremely low employment in the formal sector. As the results of a

sociological survey conducted in the summer of 2018 showed (no earlier data is available), with

about 18.8 million people employed, employment in the official sector of the economy amounted

to 5.3 million people (less than 30 per cent of the workforce), while in the informal sector – also

about 5.3 million people (including 1.6 million employed in temporary one-off and seasonal

jobs), the number of external labour migrants exceeded 2.6 million people.

[3]

A very high level of direct government intervention in the economy has been established.

The vast majority of large-scale enterprises and financial institutions are state-owned. Many

enterprises are controlled by the state through controlling stakes or so-called ‘golden shares’.

The scale of state ownership is impossible to estimate due to the lack of respective statistics, but

according to some estimates it exceeds 50 per cent of the country’s total production assets. The

state also owns more than 80 per cent of all the assets in the banking sector.

[4]

At the end of

2018, the expenditures of the consolidated budget of Uzbekistan amounted to 35.2 per cent of

GDP in 2018, and considering quasi-fiscal expenditures of state enterprises, the volume of state

INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE

ISSN: 2692-5206, Impact Factor: 12,23

American Academic publishers, volume 05, issue 02,2025

Journal:

https://www.academicpublishers.org/journals/index.php/ijai

page 859

expenditures amounted to no less than 41.2 per cent of GDP. These two figures are one and half

to two times higher than similar figures of successfully developing countries with comparable

GDP per capita and even higher than analogous figures of some advanced countries in the world

(see Figure 1).

Figure 1. Revenues of the state budget and extra-budgetary funds to the GDP of

individual Asian countries, in percentage, in 2015

Source:

www.adb.org

Time of reforms

Uzbekistan’s economy needs fundamental, systemic and consistent reforms and the

replacement of the entire system of public institutions. The key task is to create environment for

normal operation of effective market mechanisms. Uzbekistan’s economic reforms began after

the assumption of power by the new president. The following reforms are most important ones

from an economic perspective:



Unification of exchange rates, liberalisation of the foreign exchange market and

introduction of conversion for current operations (summer – autumn 2017);



Removal of various administrative barriers to cross border flow of goods and people

(primarily with the neighbours of Uzbekistan) and reduction of customs charges (2017-

18);



Reforms of banking sector and money circulation (2017-18);



Radical tax reform (2019); and



Reduction of various administrative costs of doing business.

Several other important areas have already been outlined for reforms to be launched in 2020:

administrative reform, agrarian reform, the restructuring and privatisation of state enterprises,

a new stage of banking reform, and more. However, due to the COVID-19 pandemic, the

timeframe and scope of these reforms became uncertain.

Some of the reforms, both in progress and pending, are described below in more detail.

Liberalization of foreign economic activity

Up to 2017, the government of Uzbekistan had been implementing the policy of active

protectionism, by limiting imports through the absence of free conversion of the national

INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE

ISSN: 2692-5206, Impact Factor: 12,23

American Academic publishers, volume 05, issue 02,2025

Journal:

https://www.academicpublishers.org/journals/index.php/ijai

page 860

currency, high customs charges and non-tariff barriers. In addition, there were significant formal

and informal barriers to the free movement of people and capital across borders. All of this

deprived Uzbekistan of opportunities to fully participate in the international division of labor and

to establish competitive industries.

As already mentioned, in 2017-18 the government introduced free currency conversion

for current transactions, removed a number of administrative barriers to the movement of goods

and people and reduced customs charges, which constitute the most important achievements of

reforms in Uzbekistan.

However, starting from December 2018, under pressure from industry lobbyists, the

government started to restore to some extent the import substitution and protectionism policy:

earlier reduced customs charges for a certain range of FEACN codes were increased and new

non-tariff barriers to import were introduced.

[5]

However, zero and low customs tariffs for some

categories of goods are combined with rather high tariffs for other categories, which allows to

keep the average customs tariff approximately at the level comparable to the average tariffs of

the Eurasian Economic Union (EAEU) countries. As a result, in industries with high tariffs and

non-tariff barriers, conditions are created for monopolization of markets by particular

companies.

[6]

In connection with the COVID-19 pandemic in the spring of 2020, customs charges on a

range of essential goods were abolished, the government plans to reduce customs charges on

goods for business as well. There is hope that once the pandemic is over, the tendency of

liberalization of foreign economic activity will continue. The government has announced its

desire to join the World Trade Organization (WTO) as soon as possible. Joining the WTO will

inevitably lead to the reduction of many tariff and non-tariff barriers to imports.

Reform of Banking Sector

Up to 2017, the bank-credit sector used to be one of the most regulated sectors of the

Uzbek economy. Banks had no commercial independence, their activities, including the

establishment of interest rates, were strictly regulated by the Central Bank and alternative credit

institutions had very limited presence. The monetary system was fragmented and tight

restrictions on cash circulation were in place, generating different values for different types of

money.

The deregulation and commercialisation of Uzbekistan’s banking sector have taken place

over the recent years. The Central Bank has significantly reorganised its activities in terms of

control and regulation of commercial banks, regulation of money circulation and currency

market. The banks have become more client-oriented, the cost of the banking services

significantly reduced, the quality improved and the range of services expanded. The

administrative restrictions on the purchase of currency and cash turnover have been removed.

Nevertheless, more than 80 per cent of bank assets are still owned by the state, and the

government is actively providing ‘soft’ and ‘bad’ loans (imposed by government agencies)

through banks primarily to state enterprises.

[7]

The credit sector competition is still

underdeveloped, new players (both domestic and international) have limited access, and the non-

banking sector is represented by only a small number of microfinance institutions and

pawnshops.

However, the government declares its intention to denationalize the sector, to privatise

some part of the assets of state banks, to cease the practice of concessional lending, to increase

access of foreign banks to the sector. Several important reforms were planned to be carried out in

2020. However, the coronavirus pandemic is undermining these plans. Preservation of the

INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE

ISSN: 2692-5206, Impact Factor: 12,23

American Academic publishers, volume 05, issue 02,2025

Journal:

https://www.academicpublishers.org/journals/index.php/ijai

page 861

practice of concessional lending, administrative interference in the issuance and prolongation of

loans (which is often almost inevitable in the conditions of an acute economic crisis) is

especially dangerous for the planned reforms.

Tax reform

The key problems of the tax system of Uzbekistan, formed in the previous two decades,

were as follows:



The overall high tax burden on the economy (mentioned above), especially high payroll

taxes, which is burdensome for business;

[8]



Very complicated taxation rules which increase the costs of tax administration and create

unequal game rules for business (a large number of taxes, different taxation regimes,

separate rules for calculating the same taxes for different categories of taxpayers, great

deviation from international practice in determining the tax base, a huge number of

exceptions, additional rules, benefits, including individual ones, when paying taxes);



Highly uneven distribution of the tax burden between the simplified and general taxation

regimes (transition of an enterprise from the simplified to the general taxation regime

increased the tax burden several times), as well as between different sectors of the

economy;

[9]

and



Broad application of taxes on gross revenues (turnover), which negatively affect the

public division of labour and the formation of long value chains (as the goods move

along the chain, the same value was taxed many times, and the longer the chain, the

higher the tax burden).

These problems became the key reasons for the low level of registered employment of the

population, did not allow to carry out deep processing of raw materials and to create competitive

manufacturing by utilising the advantages of economies of scale and narrow specialisation,

forced the business to go into the ‘shadow economy’, to split into parts, and destroyed the

competitive environment.

On January 1

st

2019, Uzbekistan launched a tax reform process, during which many of

the above-mentioned problems were already addressed (partly or completely).

[10]

The following

achievements were particularly important:



Drastic reduction of taxation on labour (by one and half to two times);



Significant reduction of the tax burden on enterprises under the general taxation regime

(the most important ones are the reduction of the VAT rate from 20 to 15 per cent,

elimination of contributions to the State Targeted Funds from revenues – 3.2 per cent);



Significant reduction in the sphere of influence of turnover taxes (before the reform these

taxes were paid by almost all enterprises, now medium and large enterprises do not pay

them at all, and small enterprises can choose between turnover tax and VAT); and



Work has begun on eliminating a huge number of tax privileges and exemptions,

equalising tax conditions for all parts of the economy.

Several mistakes in the preparation and initial phase of the reform were corrected by

subsequent adjustments in the second half of 2019. In particular, VAT was reduced from 20 to

15 per cent, the refusal to provide tax benefits and exceptions began, and some mechanisms for

paying VAT were improved. Nevertheless, relatively high tax administration costs and overall

high level of redistribution of revenues through the budget and quasi-budget funds remain. Due

to the coronavirus pandemic, some businesses have been given tax holidays and several

inefficient budget and quasi-budget expenditures are being reduced. It is hoped that after the

INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE

ISSN: 2692-5206, Impact Factor: 12,23

American Academic publishers, volume 05, issue 02,2025

Journal:

https://www.academicpublishers.org/journals/index.php/ijai

page 862

pandemic it will be possible to maintain some positive steps towards reducing state participation

in the economy.

Administrative Reform

The existing model of state administration in Uzbekistan is characterised by excessive

centralisation of decision making, underdevelopment of self-regulation institutions, which leads

to ‘manual management’ of socio-economic and political processes in the country. There is a

poor performance of checks and balances, as well as significant informal dependence of the

legislative and judicial branches of government on the executive branch.

The main issue of state administration and economic policy in Uzbekistan is that the

executive authorities continue to actively use administrative methods of management that are

incompatible with the effective functioning of a market economy. Active government

intervention is the main factor in high transaction costs for national business and the widespread

corruption and, consequently, low competitiveness of domestic products. Accordingly, the main

goal of administrative reform is a significant reduction of state participation, as well as

modification of functions and methods of state regulation in the economy.

Uzbekistan needs a fundamental administrative reform based on consideration of

international experience and functional analysis that will result in:



Reconsideration and redistribution of the structure, tasks, functions and responsibilities of

central authorities, as well as of administrative bodies at the sectoral level;



Reduction, simplification and optimisation of procedures for public service delivery;



reconsideration of the principles of social sector financing (combined with the reforms of

education, health care and pension system);

[11]



Fundamental transformation of the public service system; and



Redistribution of functions, powers and financial resources between central and local

governments. At the same time, it is necessary to conduct a fundamental reform of the

local government itself, including addressing the issues of the separation of powers at the

local level and increasing the responsibility of local authorities towards the population.

Unfortunately, only some elements of administrative reform have been implemented in

Uzbekistan so far. The coronavirus pandemic is inevitably introducing some adjustments into the

government’s plans to intensify the reforms in 2020.

Regulation of business, protection of property rights, development of competition

The Uzbek leadership has done much in the last years for the improvement of business

environment and reduction of transaction costs. This is mainly reflected in reduction of the tax,

customs and administrative burden, simplification of procedures for export-import transactions

and obtaining various permits, and the improvement of the money circulation system and the

banking sector.

At the same time, the regulatory and legal sphere continues to face many problems

related to the lack of transparency, inconsistency and inefficiency of legislation, extremely

ineffective judicial and legal protection of property and transactions, and lack of real separation

of powers and checks and balances.

[12]

Another major issue associated with the imperfection of the regulatory and legal

framework is the high level of market monopolisation and unequal business rules. Competition is

destroyed by artificial barriers to market access for new enterprises, high tariff and non-tariff

barriers to imports, and a wide range of individual and group (for example, for members of

industry associations) privileges. Reforms have been extremely slow (mostly just plans for the

INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE

ISSN: 2692-5206, Impact Factor: 12,23

American Academic publishers, volume 05, issue 02,2025

Journal:

https://www.academicpublishers.org/journals/index.php/ijai

page 863

time being) in the so-called ‘natural monopolies’ (energy, utilities, transport) and extractive

industries sectors. State enterprises dominate and there is practically no competition. Meanwhile,

healthy competitive environment can be successfully created in the majority of such industries

with the involvement of private investors.

Reforms in the agrarian sector and irrigation systems

Agriculture is one of the major sectors of the Uzbek economy. Almost half of the

population of the country lives in rural areas. In 2019, the contribution of the agricultural sector

to Uzbekistan’s GDP was 25.5 per cent.

[13]

Nevertheless, agriculture is the sector of economy

which is the most regulated by the state. The property rights of major agricultural producers and

farmers are poorly protected, methods of regulation of their activities are de facto taken from the

Soviet past, and markets for many types of agricultural products, manufacturing resources and

services for the sector are underdeveloped. Agriculture desperately needs to be reformed, but no

significant changes have taken place so far.

[14]

A key feature of the agricultural sector of Uzbekistan is the presence of two agricultural

crops produced mainly for state needs – cotton and wheat. In the latest years, there has been a

certain reduction in the amount of land mandatorily allocated for cotton, primarily in favour of

fruit and vegetable production. However, cotton and wheat still constitute about two thirds of all

lands allocated for cultivated areas, orchards and vineyards. The existing mechanisms of forming

the state order and the pricing system make the cultivation of cotton and wheat unprofitable for a

significant part of farmers. In addition, the existing system of land quotas for mandatory crops

does not allow farmers to optimise the structure of production, with due regard for soil and

climate peculiarities, water availability, staff qualifications, etc. Often, other crops are more

profitable to grow on land allocated for cotton and wheat.

The strategy for the development of the agricultural sector was adopted at the end of 2019,

emphasising the need for fundamental reforms. At the beginning of 2020, the President

announced plans to cancel the mandatory state order during the period 2020-23. It is also

planned to develop competitive markets for agricultural products, resources and services for the

agricultural sector, as well as to create a legal framework for land use. Besides, the draft concept

of water sector development, which assumes reformation of the sector, is under

discussion.

[15]

However, in view of the forthcoming removal of the mandatory state order, the

question arises about the redistribution of the portions of land which are held by farmers.

In recent decades there have been several redistributions of cultivated lands of former

collective and state farms. And all these redistributions were carried out completely arbitrarily

without any public discussion and approval. This resulted in the current situation when most of

the cultivated land is at the disposal of (on the basis of lease agreements) a very small part of

rural residents (farmers). The overwhelming majority of rural population has only small plots

(dekhkan farms). At the same time, it should be taken into account that some regions have

complicated demographic situation, overpopulation and high unemployment in rural areas.

Most rural residents consider this distribution of land to be illegitimate. The problem

becomes very acute due to the forthcoming cancellation of the state order, which will turn

farmers into real owners of most fertile and irrigated agricultural land.

One of the options for solving this acute problem is to use the fact that lease agreements

state that farmers have no right to freely dispose of lands allocated for cotton and wheat. In fact,

this is not their land. And since the state cancels the state order, there is a chance to revise the

agreements and redistribute the lands previously allocated for the state order in favour of other

rural residents (for example, through auctions). During redistribution of the land, especially

INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE

ISSN: 2692-5206, Impact Factor: 12,23

American Academic publishers, volume 05, issue 02,2025

Journal:

https://www.academicpublishers.org/journals/index.php/ijai

page 864

when determining the size of land plots to be transferred to new owners, it is necessary to keep in

mind a significant number of economic and social circumstances, including: the impact of the

size of farms on agricultural productivity, employment and income of rural residents, as well as

the interests of adjacent sectors of the economy, the demographic situation in the regions, and so

on.

Challenges and prospects of reforms

The country’s leadership is still under strong influence of the philosophy and practice of

import substitution and protectionism, as well as traditions of ‘manual management’ of the

economy. The importance of separation of government functions from business practices and the

need for the government to act as an ‘arbitrator’ defining the rules of the game for business,

rather than being a direct participant in business processes, is not understood. There is no unified

team of reformers who clearly and equally understand the goals and directions of reforms and

methods of their implementation. On the contrary, the positions of industry and individual

lobbyists who defend corporate and private interests are very strong.

Many challenges are related to the very low average level of professionalism, initiative

and economic literacy of civil servants. For a long time, a) the existing system of selection and

promotion of personnel, b) lack of political competition, and c) low salaries in government

bodies (with the exception of law enforcement agencies), caused ‘negative selection’ of officials,

leaving in management positions the unsolicited performers of someone else’s will with low

qualifications and high degree of inclination to corruption. It is extremely difficult to carry out

fundamental reforms with such personnel potential and to expect a significant improvement in

the quality of public administration.

Nevertheless, the reforms in the country are going on, even if not always consistently and

systematically. If at least some of the necessary reforms are implemented relatively successfully,

there is hope for the formation of more or less effective inclusive market institutions, the creation

of conditions for sustainable economic development, the formation of a ‘middle class’ and civil

society. In the future, the ‘middle class’ and civil society will become a social pillar for further

economic, legal and political reforms.

In conclusion, the author would like to note that there is an acute objective need for

expert and organisational support for reforms in Uzbekistan by international organisations,

governments of foreign countries and the international expert community. Without it, it will be

quite difficult for the country to build and implement an effective strategy of reforms, which will

make it possible to shape a fundamentally new socio-economic system.

References:

1.

1.

Алимова, Ш. А. (2025). ВЛИЯНИЕ МЕЖДУНАРОДНЫХ САНКЦИЙ НА

ЭКОНОМИКУ

УЗБЕКИСТАНА

В

2023-2024

ГОДАХ:

АНАЛИЗ

И

ПРОГНОЗЫ. MODERN PROBLEMS IN EDUCATION AND THEIR SCIENTIFIC

SOLUTIONS, 1(6), 97-103.

2.

Алимова, Ш. А., & Тошов, М. Х. (2025). ЭКОНОМИЧЕСКОЕ ЗНАЧЕНИЕ РАЗВИТИЯ

ТУРИЗМА В УЗБЕКИСТАНЕ: АНАЛИЗ СОВРЕМЕННОГО СОСТОЯНИЯ И

ПЕРСПЕКТИВ.

STUDYING

THE

PROGRESS OF

SCIENCE

AND

ITS

SHORTCOMINGS, 1(4), 137-144.

INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE

ISSN: 2692-5206, Impact Factor: 12,23

American Academic publishers, volume 05, issue 02,2025

Journal:

https://www.academicpublishers.org/journals/index.php/ijai

page 865

3.

Алимова, Ш. А., & Тошов, М. Х. (2025). ЦИФРОВИЗАЦИЯ КАК ФАКТОР

РАЗВИТИЯ ТУРИЗМА В УЗБЕКИСТАНЕ. MODERN PROBLEMS IN EDUCATION

AND THEIR SCIENTIFIC SOLUTIONS, 1(4), 259-266.

4.

Алимова, Ш. А., & Тошов, М. Х. (2025). РОЛЬ ТРАНСПОРТНОЙ

ИНФРАСТРУКТУРЫ В РАЗВИТИИ ТУРИЗМА В УЗБЕКИСТАНЕ. MODERN

EDUCATIONAL SYSTEM AND INNOVATIVE TEACHING SOLUTIONS, 1(5), 180-186.

5.

Bahodirovich, X. B., & Mahmudovna, Q. G. (2025). TIJORAT BANKLARINING

MOLIYAVIY XIZMATLARI. STUDYING THE PROGRESS OF SCIENCE AND ITS

SHORTCOMINGS, 1(4), 223-230.

6.

Azimov, B. F., & Qudratova, G. M. (2025). INNOVATSIYALARNI QO ‘LLAB-

QUVVATLASHNING

TASHKILIY

TUZILMALARI:

INFRATUZILMAVIY

TASHKILOTLAR. ANALYSIS OF MODERN SCIENCE AND INNOVATION, 1(5), 25-

34.

7.

Azimov, B. F., Maksudovich, A. Z., & Qudratova, G. M. (2025). INNOVATIVE ACTIVITY

AS A FACTOR IN ECONOMIC DEVELOPMENT. Ethiopian International Journal of

Multidisciplinary Research, 12(01), 453-459.

8.

To’rayevna, O. M., & To’rayevna, S. N. (2025). KORXONALARNI STRATEGIK

RIVOJLANISHIDA XODIMLAR VA MEHNAT MOTIVATSIYASI TIZIMI. MODERN

EDUCATIONAL SYSTEM AND INNOVATIVE TEACHING SOLUTIONS, 1(7), 6-14.

9.

Bobojonova, M. J., & Sodiqova, N. T. (2025). YASHIL IQTISODIYOTGA O ‘TISH VA

BARQAROR TEXNOLOGIK O ‘ZGARISHLAR. ANALYSIS OF MODERN SCIENCE

AND INNOVATION, 1(5), 183-194.

10.

Bahodirovich, X. B., & To’rayevna, S. N. (2025). COMPANIES’FINANCIAL

STATEMENT: CONCEPTS AND PRINCIPLES. THEORY OF SCIENTIFIC

RESEARCHES OF WHOLE WORLDT, 1(3), 281-289.

11.

Bahodirovich, K. B., & To’rayevna, S. N. (2025). PORTFOLIO RISK

MANAGEMENT. MODERN PROBLEMS IN EDUCATION AND THEIR SCIENTIFIC

SOLUTIONS, 1(4), 380-387.

12.

Bahodirovich, X. B. (2025). MOLIYAVIY NAZORAT TURLARI, SHAKLLARI VA

METODLARI. THEORY OF SCIENTIFIC RESEARCHES OF WHOLE WORLDT, 1(4),

68-78.

13.

Bahodirovich, X. B. (2025). BYUDJETDAN TASHQARI FONDLAR-UMUMDAVLAT

MOLIYASINING BO ‘G ‘INI SIFATIDA. MODERN PROBLEMS IN EDUCATION AND

THEIR SCIENTIFIC SOLUTIONS, 1(5), 97-105.

14.

Hakimovich, T. M. (2025). HUDUDLARNI STRATEGIK REJALASHTIRISH VA

BОSHQARISHNING ASОSIY BОSQICHLARI. ANALYSIS OF MODERN SCIENCE

AND INNOVATION, 1(4), 225-232.

15.

Hakimovich, T. M. (2025). HUDUDLAR IQTISОDIYОTINI RIVОJLANTIRISH

STRATEGIYASINI SHAKLLANTIRISHNING AHAMIYATI. THEORY OF SCIENTIFIC

RESEARCHES OF WHOLE WORLDT, 1(3), 157-166.

16.

EI, I. JAHON SAVDO KO ‘RSATKICHLARI ISTIQBOLI VA BUNDA O ‘ZBEKISTON

EKSPORTCHI KORXONALARI UCHUN IMKONIYATLAR.

INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE

ISSN: 2692-5206, Impact Factor: 12,23

American Academic publishers, volume 05, issue 02,2025

Journal:

https://www.academicpublishers.org/journals/index.php/ijai

page 866

17.

EI, I. (2025). THEORETICAL AND CONCEPTUAL FOUNDATIONS OF TAX BURDEN

OPTIMIZATION. Ethiopian International Journal of Multidisciplinary Research, 12(01),

355-358.

18.

Ibodulloyevich, I. E. (2025). DEVELOPMENT DIRECTIONS OF INNOVATIVE

ENTREPRENEURSHIP IN UZBEKISTAN. SHOKH LIBRARY.

19.

Raxmonqulova, N. O. (2025). DEVELOPMENT OF THE DIGITAL ECONOMY ON A

GLOBAL SCALE AND THE EXPERIENCE OF COUNTRIES. SHOKH LIBRARY.

20.

Raxmonqulova,

N.

O.

(2025).

TASHKILOTNING

XALQARO

BOZORDA

MUVAFFAQIYATLI FAOLIYAT YURITISH USULLARI. The latest pedagogical and

psychological innovations in education, 2(1), 8-14.

21.

Azimov, B. F. (2025). INNOVATSIYALARNI QO ‘LLAB-QUVVATLASH

XIZMATLARI: ISPANIYA, POLSHA VA BOLGARIYA TAJRIBALARI. THEORY OF

SCIENTIFIC RESEARCHES OF WHOLE WORLDT, 1(4), 12-23.

22.

Azimov, B. F. (2025). THE IMPORTANCE OF INNOVATION SUPPORT AND

DEVELOPMENT OF INDUSTRIAL PARKS, ITS EVOLUTION. International journal of

advanced research in education, technology and management, 4(1), 333-347.

23.

Azimov, B. F. (2025). INNOVATSIYALARNI QO ‘LLAB-QUVVATLASH VA

RIVOJLANTIRISHDA TEXNOPARKLARNING EVOLYUTSIYASI. ANALYSIS OF

MODERN SCIENCE AND INNOVATION, 1(5), 45-54.

24.

Shadiyev, A. X. (2025). METHODS OF TEACHING THE “ECONOMIC

THEORY”. SHOKH LIBRARY.

25.

Shadiyev, A. X. (2025). DEVELOPMENT OF THE CURRICULUM FOR ECONOMIC

DISCIPLINES IN PRIVATE UNIVERSITIES. FARS International Journal of Education,

Social Science & Humanities., 13(1), 389-396.

26.

Akbarovna, N. N. (2025). PROBLEMS OF INCREASING INVESTMENT ACTIVITY IN

THE CONTEXT OF GLOBALIZATION. SHOKH LIBRARY.

27.

Akbarovna, N. N. (2025). BYUDJET TIZIMINI ISLOH QILISHNING ASOSIY YO

‘NALISHLARI. MODERN PROBLEMS IN EDUCATION AND THEIR SCIENTIFIC

SOLUTIONS, 1(5), 80-86.

28.

Akbarovna, N. N. (2025). MENEJER FAOLIYATINING FUNKSIONAL VAZIFALARI

VA UNING MADANIYATINING AHAMIYATI. MODERN PROBLEMS IN

EDUCATION AND THEIR SCIENTIFIC SOLUTIONS, 1(4), 354-362.

29.

Bazarova, M. (2023). EFFECTIVENESS OF USING PR-ADVERTISING SERVICES IN

THE PROCESS OF PRODUCT DELIVERY ON THE EXAMPLE OF BUKHARA

REGION. Modern Science and Research, 2(12), 506-512.

30.

Supiyevna, B. M. (2025). INSON SALOHIYATINI MEHNAT POTENSIALI

RIVOJLANTIRISHNING MOHIYATI. ANALYSIS OF MODERN SCIENCE AND

INNOVATION, 1(6), 197-204.

31.

Supiyevna, B. M. (2025). O’ZBEKISTON RESPUBLIKASIDA KICHIK BIZNES VA

XUSUSIY TADBIRKORLIK RIVOJLANTIRISH TENDENSIYALARI. MODERN

EDUCATIONAL SYSTEM AND INNOVATIVE TEACHING SOLUTIONS, 1(7), 315-322.

32.

Supiyevna, B. M. (2025). O ‘ZBEKISTON IQTISODIYOTINI BARQAROR O ‘SISHINI

TA’MINLOVCHI OMILLAR. THEORY OF SCIENTIFIC RESEARCHES OF WHOLE

WORLDT, 1(5), 142-151.

INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE

ISSN: 2692-5206, Impact Factor: 12,23

American Academic publishers, volume 05, issue 02,2025

Journal:

https://www.academicpublishers.org/journals/index.php/ijai

page 867

33.

Bostonovna, D. Z. (2023). CONCEPTUAL BASIS OF IMPROVEMENT OF BANK

AUDIT IN COMMERCIAL BANKS. IMRAS, 6(6), 118-124.

34.

Bustonovna, J. Z. (2024). IQTISODIYOTNI TARTIBGA SOLISHDA DAVLATNING

ROLI.

35.

Bustonovna, J. Z. (2024). IQTISODIYOTNI MODERNIZATSIYALASH SHAROITIDA

MEHNATNI SAMARALI TASHKIL QILISHNING ASOSIY YO'LLARI.

36.

Jumayeva, Z. (2024). IMPORTANCE OF INDUSTRIAL NETWORKS IN THE

SUSTAINABLE GROWTH OF THE ECONOMY OF UZBEKISTAN. Modern Science and

Research, 3(2), 257-262.

37.

Bobojonova, M. J., & Toshev, M. H. (2025). INKLYUZIV YASHIL IQTISODIYOT VA

UNING HOZIRGI KUNDAGI HOLATI TAHLILI. MODERN EDUCATIONAL SYSTEM

AND INNOVATIVE TEACHING SOLUTIONS, 1(6), 197-205.

38.

Bobojonova, M. J., & Toshev, M. H. (2025). YASHIL TRANSFORMATSIYA:

BARQARORLIKNING YANGI DAVRI. STUDYING THE PROGRESS OF SCIENCE

AND ITS SHORTCOMINGS, 1(5), 102-110.

39.

Bobojonova, M. J., & Toshev, M. H. (2025). YASHIL IQTISODIYOTDA

BIOXILMAXILLIK

VA

BIOXILMA

XILLIKNING

AFZALLIK

TOMONLARI. MODERN PROBLEMS IN EDUCATION AND THEIR SCIENTIFIC

SOLUTIONS, 1(5), 170-178.

40.

Jumayeva, Z. Q., & Gulyamova, N. G. (2025). O ‘ZBEKISTONDA MINTAQANI

KOMPLEKS

RIVOJLANTIRISHNI

DAVLAT

TOMONIDAN

TARTIBGA

SOLISH. THEORY OF SCIENTIFIC RESEARCHES OF WHOLE WORLDT, 1(5), 152-

159.

41.

Жумаева, З. К., & Ахмедова, Ф. Р. (2025). РОЛЬ ТОРГОВОЙ ПОЛИТИКИ В

ОБЕСПЕЧЕНИИ КОНКУРЕНТОСПОСОБНОСТИ НАЦИОНАЛЬНОЙ ЭКОНОМИКИ:

СОВРЕМЕННЫЕ

ПОДХОДЫ.

MODERN

EDUCATIONAL

SYSTEM

AND

INNOVATIVE TEACHING SOLUTIONS, 1(7), 323-330.

42.

Jumayeva, Z. Q., & Matkarimov, G. (2025). MINTAQADA FAOL INVESTITSIYA

SIYOSATINI IQTISODIYOT TARMOQLARINI O ‘SISHIGA TA’SIRI. ANALYSIS OF

MODERN SCIENCE AND INNOVATION, 1(6), 205-212.

43.

Жумаева, З. К. (2024). Мобильный Маркетинг Как Эффективное Средство

Стимулирования Сбыта Товаров И Услуг. Miasto Przyszłości, 54, 697-702.

44.

To’rayevich, I. A., & AD, S. (2025). MILLIY IQTISODIYOTGA XORIJIY

INVESTITSIYANI JALB QILISH. MODERN PROBLEMS IN EDUCATION AND THEIR

SCIENTIFIC SOLUTIONS, 1(5), 29-38.

45.

To’rayevich, I. A., & AD, S. (2025). INVESTITSIYALARNI JALB QILISH VA

BOSHQARISHNING XORIJ TAJRIBASI. STUDYING THE PROGRESS OF SCIENCE

AND ITS SHORTCOMINGS, 1(5), 12-22.

46.

To’rayevich, I. A., & AD, S. (2025). O ‘ZBEKISTON RESPUBLIKASIDA MOLIYA

TIZIMI VA UNING IQTISODIYOTIDA TUTGAN O ‘RNI. MODERN PROBLEMS IN

EDUCATION AND THEIR SCIENTIFIC SOLUTIONS, 1(5), 64-75.

47.

Sadilloyevna, D. M. (2025). Prospects for Investments in Modernization of the Economy in

the Agricultural Sector. Ethiopian International Journal of Multidisciplinary Research, 12(01),

217-222.

INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE

ISSN: 2692-5206, Impact Factor: 12,23

American Academic publishers, volume 05, issue 02,2025

Journal:

https://www.academicpublishers.org/journals/index.php/ijai

page 868

48.

Джураева, М. С., & Алимова, Ш. А. (2025). АНАЛИЗ ТОЧКИ БЕЗУБЫТОЧНОСТИ И

МАРЖИНАЛЬНОЙ ПРИБЫЛИ. STUDYING THE PROGRESS OF SCIENCE AND ITS

SHORTCOMINGS, 1(4), 88-94.

49.

Мусаева, Ж. К. "Факторы развития наукоемкой цифровой экономики.«Проблемы и

перспективы занятости в условиях развития цифровой экономики». Международная

научно-практическая конференция. Самарканд, октябрь, 2021." 505-509.

50.

Мусаева, Ж. К. "Роль и значение экономических знаний в произведениях Алишера

Навои." FORMAT: 98.

51.

Мусаева Ж. К., Шарипова М. М. Информационная безопасность–важное условие

цифровой экономики. – 2021.