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Macroeconomic Determinants of Digital Technology Adoption in Uzbekistan
Corresponding Author(s) : Abdurahmonov Abdumalik Abdurashidovich
American Journal of Economics and Business Management,
Vol. 8 No. 4 (2025): April
Abstract
This study explores the impact of key macroeconomic indicators—namely investment levels, inflation, and credit interest rates—on the pace and depth of digital transformation among businesses in Uzbekistan. Utilizing national data from 2019 to 2024, the research applies the Autoregressive Distributed Lag (ARDL) model to evaluate both the short-term and long-term effects of these variables on the development of the digital economy. The analysis reveals that investment has a statistically significant and positive long-term effect on digital transformation, while inflation exhibits a negative correlation. Meanwhile, high credit interest rates are found to hinder the implementation of long-term digital projects, particularly among small and medium enterprises. The findings highlight the necessity of a stable macroeconomic environment for fostering effective digitalization and offer practical insights for policymakers and business leaders seeking to accelerate digital transformation initiatives in Uzbekistan.
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- M. T. Rakhimova, «Blockchain Technologies in Public Finance Management in Uzbekistan», Cent. Asian J. Digit. Econ., т. 4, сс. 115–129, 2022.
- Global CIO, «Current Aspects of Digitalization in Uzbekistan». 2023 г.
- A. N. Islomov, «Cybersecurity Challenges in Uzbekistan’s Digital Economy», Int. J. Inf. Secur. Stud., т. 6, сс. 200–215, 2023.
- K. S. Mamatqulov, «Digital Entrepreneurship Growth Trends in Uzbekistan», J. Entrep. Innov. Cent. Asia, т. 2, сс. 45–61, 2023.
- Organisation for Economic Co-operation and Development, Digital Skills for Private Sector Competitiveness in Uzbekistan. 2023.
- Global CIO, «Digital Transformation of Uzbekistan». 2023 г.
- Tashkent Times, «Foreign Investment in Uzbekistan at US$23 Billion in 2019». 2020 г. https://tashkenttimes.uz
- S. Dutta и B. Lanvin, Global Innovation Index. 2019.
- Central Bank of Uzbekistan, «Interest Rate Statistics». 2025 г. https://cbu.uz
- Qalampir.uz, «President Approved the “Digital Uzbekistan – 2030” Strategy». 2020 г. https://qalampir.uz
- International Monetary Fund, «Republic of Uzbekistan: 2024 Article IV Consultation», Country Report No. 24/210, 2024.
- B. A. Yuldashev, «The Role of Digital Infrastructure in Economic Development of Uzbekistan», Uzb. Econ. Rev., т. 5, вып. 2, сс. 78–92, 2023.
- Uzbekistan Government Portal – Tech News, «USAID to Assist in Implementation of “Digital Uzbekistan – 2030” Strategy». 2023 г. https://gov.uz
- Trading Economics / YCharts, «Uzbekistan Inflation Rate». 2023 г. https://tradingeconomics.com
- Kursiv Media, «What Drives the Development of the Leasing Market in Uzbekistan». 2022 г. https://kursiv.uz
References
M. T. Rakhimova, «Blockchain Technologies in Public Finance Management in Uzbekistan», Cent. Asian J. Digit. Econ., т. 4, сс. 115–129, 2022.
Global CIO, «Current Aspects of Digitalization in Uzbekistan». 2023 г.
A. N. Islomov, «Cybersecurity Challenges in Uzbekistan’s Digital Economy», Int. J. Inf. Secur. Stud., т. 6, сс. 200–215, 2023.
K. S. Mamatqulov, «Digital Entrepreneurship Growth Trends in Uzbekistan», J. Entrep. Innov. Cent. Asia, т. 2, сс. 45–61, 2023.
Organisation for Economic Co-operation and Development, Digital Skills for Private Sector Competitiveness in Uzbekistan. 2023.
Global CIO, «Digital Transformation of Uzbekistan». 2023 г.
Tashkent Times, «Foreign Investment in Uzbekistan at US$23 Billion in 2019». 2020 г. https://tashkenttimes.uz
S. Dutta и B. Lanvin, Global Innovation Index. 2019.
Central Bank of Uzbekistan, «Interest Rate Statistics». 2025 г. https://cbu.uz
Qalampir.uz, «President Approved the “Digital Uzbekistan – 2030” Strategy». 2020 г. https://qalampir.uz
International Monetary Fund, «Republic of Uzbekistan: 2024 Article IV Consultation», Country Report No. 24/210, 2024.
B. A. Yuldashev, «The Role of Digital Infrastructure in Economic Development of Uzbekistan», Uzb. Econ. Rev., т. 5, вып. 2, сс. 78–92, 2023.
Uzbekistan Government Portal – Tech News, «USAID to Assist in Implementation of “Digital Uzbekistan – 2030” Strategy». 2023 г. https://gov.uz
Trading Economics / YCharts, «Uzbekistan Inflation Rate». 2023 г. https://tradingeconomics.com
Kursiv Media, «What Drives the Development of the Leasing Market in Uzbekistan». 2022 г. https://kursiv.uz