Modeling Economic Growth in Uzbekistan: A Solow Model Approach
Keywords:
Economic Growth, Solow Growth Model, Uzbekistan, Human Capital, Physical Capital, Labor Force Participation, Total Factor Productivity.Abstract
This study investigates the economic growth of Uzbekistan from 1999 to 2022 using the Solow Growth Model. The analysis employs time series data from the World Bank to estimate the contributions of physical capital, human capital, and labor force participation to real GDP growth. The results indicate that both human capital, measured by government expenditure on higher education, and physical capital, measured by gross capital formation, have statistically significant positive effects on economic growth. However, labor force participation was found to be statistically insignificant, possibly due to data limitations. The model explains 97.69% of the variation in real GDP, confirming its overall significance. The findings suggest that policymakers should prioritize investments in human capital to sustain long-term economic growth, while further research using panel data is recommended for more robust insights.
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