ECONOMETRIC ANALYSIS OF THE IMPACT OF INNOVATIVE DEVELOPMENT OF BUSINESS ENTITIES ON ECONOMIC GROWTH ON THE EXAMPLE OF UZBEKISTAN

Abstract

This article presents an econometric analysis of the impact of innovative development of economic entities on economic growth on the example of Uzbekistan. The study uses data from 2016 to 2020 and uses an autoregressive distributed lag (ARDL) approach to estimate the long-run and short-run relationships between innovation and economic growth. The results show that there is a positive and significant relationship between the innovative development of business entities and economic growth in Uzbekistan. The study also found that investments in research and development, human capital and technology are critical factors that stimulate innovation and economic growth. The results suggest that policymakers should focus on creating an enabling environment that encourages investment in these areas and encourages business to invest in research and development. The study emphasizes the importance of state support for innovation and entrepreneurship, and emphasizes the need for sustainable innovation, taking into account environmental and social factors. Overall, the study provides valuable insights into the importance of innovation for economic growth and sustainable development in Uzbekistan.