THE ROLE OF MACROECONOMIC MECHANISMS AND FOREIGN TRADE POTENTIAL IN ACHIEVING INCLUSIVE ECONOMIC GROWTH IN UZBEKISTAN
DOI:
https://doi.org/10.5281/zenodo.18662140Keywords:
Foreign Trade Potential, Inclusive Economic Growth, Economic Stability, Institutional Development, Structural Diversification, Trade Policy, Macroeconomic ResilienceAbstract
This study examines the role of macroeconomic mechanisms and foreign trade potential in promoting inclusive
economic growth in Uzbekistan. In the context of increasing global economic interdependence, inclusive growth requires
not only the expansion of trade volumes but also the effective utilization of foreign trade potential as a mechanism that
enhances macroeconomic stability and economic resilience. Based on a conceptual–analytical and qualitative research
approach, the study relies on classical trade theory, structural economics, and institutional economics to analyze the
channels through which foreign trade contributes to economic stability, social inclusion, and sustainable long-term
development.
The findings demonstrate that foreign trade potential contributes to inclusive economic growth when it is effectively
integrated into coherent macroeconomic policies, institutional modernization processes, and structural diversification
strategies. In particular, export diversification, the expansion of value-added production, and the harmonization of
fiscal, monetary, and trade policies significantly contribute to strengthening macroeconomic stability and enhancing the
economy’s adaptive capacity. A comparative analysis of Uzbekistan and South Korea illustrates that institutional quality,
effective policy coordination, and structural advancement play a key role in transforming trade openness into inclusive
and sustainable development outcomes.
The study concludes that inclusive economic growth in Uzbekistan is determined not only by the scale of foreign trade,
but primarily by the effectiveness of macroeconomic governance in directing foreign trade potential toward strengthening
economic stability and expanding social inclusiveness. Policy implications highlight the importance of institutional
development, structural diversification, and integrated macroeconomic and trade policy frameworks as essential drivers
for achieving sustainable, resilient, and inclusive economic growth.
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