The Impact of Innovation on the Growth of Economic Competitiveness in Uzbekistan
DOI:
https://doi.org/10.54536/ajebi.v3i3.3501Keywords:
Economic Competitiveness, Economic Growth, Innovation, Technological AdvancementsAbstract
In an era of rapid technological advancement and global market integration, innovation has become a critical driver of economic competitiveness. This paper explores the impact of innovation on the growth of economic competitiveness in Uzbekistan, a country strategically positioned in Central Asia with significant economic potential. The study reviews existing literature, government reports, and industry analyses to understand how innovative practices contribute to enhancing productivity, market expansion, and overall economic resilience. Data were collected from peer-reviewed academic databases, including Scopus, Emerald and Web of Science, as well as from government and international organization reports. The findings indicate that while Uzbekistan has made considerable progress in fostering innovation, several challenges, including economic and institutional barriers, reliance on fossil fuels, and gaps in technical expertise, persist. The paper offers strategic recommendations to address these challenges, emphasizing the importance of increased R&D investments, diversification of energy sources, building technical capacity, strengthening the regulatory framework, and promoting international collaboration. These measures are essential for leveraging innovation to achieve sustainable economic growth and improve Uzbekistan’s global competitiveness.
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