This article examines the dynamics of infrastructure investment in the macroeconomy ofUzbekistan over the period 2019–2024 and assesses its contribution to gross domestic product(GDP) growth. The study is motivated by the rapid scaling-up of fixed-capital investment in thecountry, the adoption of a dedicated public-private partnership (PPP) framework, and the need toquantify the macroeconomic returns to infrastructure spending. Drawing on official statistics ofthe Statistics Agency of the Republic of Uzbekistan, the World Bank, the Asian DevelopmentBank and the EBRD, the analysis combines descriptive time-series evidence with a multiplierbased estimation of the output response to infrastructure investment. The results show that fixedcapital investment expanded markedly, reaching an estimated 493.7 trillion soums (about US$38.2billion) in 2024, equivalent to roughly one-third of GDP, while real GDP grew by 6.7 per cent inthe same year. Applying internationally documented public-investment multipliers, a fiscalimpulse equal to one per cent of GDP directed to infrastructure is estimated to raise output bybetween 1.1 and 1.6 per cent over a five-year horizon. The paper concludes that infrastructureinvestment—particularly when channelled through transparent PPP mechanisms—constitutes asignificant and durable driver of macroeconomic growth in Uzbekistan, but that its effectivenessis conditioned by investment efficiency, fiscal space and the quality of project selection.
| Mualliflar | Mustafoyev, Kuvonchbek |
|---|---|
| Jurnal | Иқтисодиёт ва туризм |
| Nashr sanasi | 2026-06-08 |
| Jild | 3 |
| Son | 29 |
| Til | Ingliz |
public-private partnership, GDP growth, fixed-capital investment, infrastructure investment
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