DIRECTIONS AND FACTORS FOR THE DEVELOPMENT OF SMALL BUSINESS IN THE COUNTRY’S ECONOMY
Keywords:
small business development, entrepreneurship, economic growth, SME support policies, financial assistance, innovation and technology, workforce training, business environment, export promotion, Uzbekistan economyAbstract
This article explores the critical role of small business in driving sustainable economic development, with a specific focus on the Republic of Uzbekistan. Drawing on global experience and recent domestic reforms, the authors analyze the key directions and factors influencing small business growth, including regulatory support, financial accessibility, and innovation. The study highlights the socio-economic benefits of small enterprises—such as job creation, poverty reduction, and regional development—while also identifying persistent challenges such as limited financing, skills shortages, and bureaucratic barriers. Emphasis is placed on Uzbekistan’s recent policy measures, including tax incentives, credit programs, and institutional reforms, aimed at fostering a more dynamic and resilient entrepreneurial sector. The article concludes with strategic recommendations to further enhance the contribution of small businesses to the national economy.
References
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2. OECD. (2021). Enhancing SME Competitiveness in Emerging Economies. Organisation for Economic Co-operation and Development. https://doi.org/10.1787/9789264312521-en
3. Ministry of Economy of the Republic of Uzbekistan. (2023). Annual Report on Small Business Development. Tashkent: Government Printing Office.
4. International Finance Corporation (IFC). (2020). Unlocking Small Business Potential in Uzbekistan. IFC Publications. https://www.ifc.org/uzbekistan-sme-report
5. United Nations Development Programme (UNDP). (2021). Entrepreneurship and Innovation for Sustainable Development in Central Asia. UNDP Regional Report.
6. Abdullaev, I. (2019). The Role of SMEs in Economic Growth: Case of Uzbekistan. Journal of Economics and Development, 12(3), 45-59.
7. Karimov, D., & Tursunov, S. (2022). Digital Transformation and Small Business Development in Uzbekistan. Central Asian Economic Review, 8(1), 101-117.
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