MAJOR INFLATIONARY FACTORS IN THE ECONOMY OF UZBEKISTAN AND ANTI-INFLATION POLICIES

https://yashil-iqtisodiyot-taraqqiyot.uz 1 2025 №5 2025 №6№11№12 https://yashil-iqtisodiyot-taraqqiyot.uz 2 Bosh muharrir: Sharipov Kongiratbay Avezimbetovich Bosh muharrir oʻrinbosari: Karimov Norboy G‘aniyevich Muharrir: Qurbonov Sherzod Ismatillayevich Elektron nashr. 2025-yil, dekabr. Tahrir hay’ati: Salimov Oqil Umrzoqovich, O‘zbekiston Fanlar akademiyasi akademigi Abduraxmanov Kalandar Xodjayevich, O‘zbekiston Fanlar akademiyasi akademigi Sharipov Kongiratbay Avezimbetovich, texnika fanlari doktori (DSc), professor Rae Kvon Chung, Janubiy Koreya, TDIU faxriy professori, “Nobel” mukofoti laureati Osman Mesten, Turkiya parlamenti a’zosi, Turkiya – O‘zbekiston do‘stlik jamiyati rahbari Axmedov Durbek Kudratillayevich, iqtisodiyot fanlari doktori (DSc), professor Axmedov Sayfullo Normatovich, iqtisodiyot fanlari doktori (DSc), professor Abduraxmanova Gulnora Kalandarovna, iqtisodiyot fanlari doktori (DSc), professor Kalonov Muxiddin Baxritdinovich, iqtisodiyot fanlari doktori (DSc), professor Siddiqova Sadoqat G‘afforovna, pedagogika fanlari bo‘yicha falsafa doktori (PhD) Xudoyqulov Sadirdin Karimovich, iqtisodiyot fanlari doktori (DSc), professor Maxmudov Nosir, iqtisodiyot fanlari doktori (DSc), professor Yuldashev Mutallib Ibragimovich, iqtisodiyot fanlari doktori (DSc), professor Samadov Asqarjon Nishonovich, iqtisodiyot fanlari nomzodi, professor Slizovskiy Dimitriy Yegorovich, texnika fanlari doktori (DSc), professor Mustafakulov Sherzod Igamberdiyevich, iqtisodiyot fanlari doktori (DSc), professor Axmedov Ikrom Akramovich, iqtisodiyot fanlari doktori (DSc), professor Eshtayev Alisher Abdug‘aniyevich, iqtisodiyot fanlari doktori (DSc), professor Xajiyev Baxtiyor Dushaboyevich, iqtisodiyot fanlari doktori (DSc), professor Hakimov Nazar Hakimovich, falsafa fanlari doktori (DSc), professor Musayeva Shoira Azimovna, iqtisodiyot fanlari bo‘yicha falsafa doktori (PhD), professor Ali Konak (Ali Ko‘nak), iqtisodiyot fanlari doktori (DSc), professor (Turkiya) Cham Tat Huei, falsafa fanlari doktori (PhD), professor (Malayziya) Foziljonov Ibrohimjon Sotvoldixo‘ja o‘g‘li, iqtisodiyot fanlari bo‘yicha falsafa doktori (PhD), dots. Utayev Uktam Choriyevich, O‘z.Respub. Bosh prokuraturasi boshqarma boshlig‘i o‘rinbosari Ochilov Farkhod, O‘zbekiston Respublikasi Bosh prokuraturasi IJQKD boshlig‘i Buzrukxonov Sarvarxon Munavvarxonovich, iqtisodiyot fanlari nomzodi, dotsent Axmedov Javohir Jamolovich, iqtisodiyot fanlari bo‘yicha falsafa doktori (PhD) Toxirov Jaloliddin Ochil o‘g‘li, texnika fanlari bo‘yicha falsafa doktori (PhD), katta o‘qituvchi Bobobekov Ergash Abdumalikovich, iqtisodiyot fanlari bo‘yicha falsafa doktori (PhD), v.b. dots. Djudi Smetana, pedagogika fanlari nomzodi, dotsent (AQSH) Krissi Lyuis, pedagogika fanlari nomzodi, dotsent (AQSH) Glazova Marina Viktorovna, Iqtisodiyot fanlari doktori (Moskva) Nosirova Nargiza Jamoliddin qizi, iqtisodiyot fanlari bo‘yicha falsafa doktori (PhD), dotsent Sevil Piriyeva Karaman, falsafa fanlari doktori (PhD) (Turkiya) Mirzaliyev Sanjar Makhamatjon o‘g‘li, TDIU ITI departamenti rahbari Ochilov Bobur Baxtiyor o‘g‘li, TDIU katta o‘qituvchisi Golisheva Yelena Vyacheslavovna, Iqtisodiyot fanlari nomzodi, dotsent. Abdukarimova Dinara Rustamxanovna, bank-moliya akademiyasi professori, DSc., professor. https://yashil-iqtisodiyot-taraqqiyot.uz 3 Editorial board:Editorial board: Salimov Okil Umrzokovich,Salimov Okil Umrzokovich, Academician of the Academy of Sciences of Uzbekistan Academician of the Academy of Sciences of Uzbekistan Abdurakhmanov Kalandar Khodjayevich,Abdurakhmanov Kalandar Khodjayevich, Academician of the Academy of Sciences of Uzbekistan Academician of the Academy of Sciences of Uzbekistan Sharipov Kongiratbay Avezimbetovich,Sharipov Kongiratbay Avezimbetovich, Doctor of Technical Sciences (DSc), Professor Doctor of Technical Sciences (DSc), Professor Rae Kwon Chung, South Korea,Rae Kwon Chung, South Korea, Honorary Professor at TSUE, Nobel Prize Laureate Honorary Professor at TSUE, Nobel Prize Laureate Osman Mesten,Osman Mesten, Member of the Turkish Parliament, Head of the Turkey–Uzbekistan Friendship Society Member of the Turkish Parliament, Head of the Turkey–Uzbekistan Friendship Society Akhmedov Durbek Kudratillayevich,Akhmedov Durbek Kudratillayevich, Doctor of Economic Sciences (DSc), Professor Doctor of Economic Sciences (DSc), Professor Akhmedov Sayfullo Normatovich,Akhmedov Sayfullo Normatovich, Doctor of Economic Sciences (DSc), Professor Doctor of Economic Sciences (DSc), Professor Abdurakhmanova Gulnora Kalandarovna,Abdurakhmanova Gulnora Kalandarovna, Doctor of Economic Sciences (DSc), Professor Doctor of Economic Sciences (DSc), Professor Kalonov Mukhiddin Bakhriddinovich,Kalonov Mukhiddin Bakhriddinovich, Doctor of Economic Sciences (DSc), Professor Doctor of Economic Sciences (DSc), Professor Siddikova Sadokat Gafforovna,Siddikova Sadokat Gafforovna, Doctor of Philosophy (PhD) in Pedagogical Sciences Doctor of Philosophy (PhD) in Pedagogical Sciences Khudoykulov Sadirdin Karimovich,Khudoykulov Sadirdin Karimovich, Doctor of Economic Sciences (DSc), Professor Doctor of Economic Sciences (DSc), Professor Makhmudov Nosir,Makhmudov Nosir, Doctor of Economic Sciences (DSc), Professor Doctor of Economic Sciences (DSc), Professor Yuldashev Mutallib Ibragimovich,Yuldashev Mutallib Ibragimovich, Doctor of Economic Sciences (DSc), Professor Doctor of Economic Sciences (DSc), Professor Samadov Askarjon Nishonovich,Samadov Askarjon Nishonovich, Candidate of Economic Sciences, Professor Candidate of Economic Sciences, Professor Slizovskiy Dmitriy Yegorovich,Slizovskiy Dmitriy Yegorovich, Doctor of Technical Sciences (DSc), Professor Doctor of Technical Sciences (DSc), Professor Mustafakulov Sherzod Igamberdiyevich,Mustafakulov Sherzod Igamberdiyevich, Doctor of Economic Sciences (DSc), Professor Doctor of Economic Sciences (DSc), Professor Akhmedov Ikrom Akramovich,Akhmedov Ikrom Akramovich, Doctor of Economic Sciences (DSc), Professor Doctor of Economic Sciences (DSc), Professor Eshtayev Alisher Abduganiyevich,Eshtayev Alisher Abduganiyevich, Doctor of Economic Sciences (DSc), Professor Doctor of Economic Sciences (DSc), Professor Khajiyev Bakhtiyor Dushaboyevich,Khajiyev Bakhtiyor Dushaboyevich, Doctor of Economic Sciences (DSc), Professor Doctor of Economic Sciences (DSc), Professor Khakimov Nazar Khakimovich,Khakimov Nazar Khakimovich, Doctor of Philosophy (DSc), Professor Doctor of Philosophy (DSc), Professor Musayeva Shoira Azimovna,Musayeva Shoira Azimovna, Doctor of Philosophy (PhD) in Economic Sciences, Professor Doctor of Philosophy (PhD) in Economic Sciences, Professor Ali Konak,Ali Konak, Doctor of Economic Sciences (DSc), Professor (Turkey) Doctor of Economic Sciences (DSc), Professor (Turkey) Cham Tat Huei,Cham Tat Huei, Doctor of Philosophy (PhD), Professor (Malaysia) Doctor of Philosophy (PhD), Professor (Malaysia) Foziljonov Ibrokhimjon Sotvoldikhoja ugli,Foziljonov Ibrokhimjon Sotvoldikhoja ugli, Doctor of Philosophy (PhD) in Economic Sciences, Associate Professor Doctor of Philosophy (PhD) in Economic Sciences, Associate Professor Utayev Uktam Choriyevich,Utayev Uktam Choriyevich, Deputy Head of Department, Prosecutor General’s Office of Uzbekistan Deputy Head of Department, Prosecutor General’s Office of Uzbekistan Ochilov Farkhod,Ochilov Farkhod, Head of DCEC, Prosecutor General’s Office of Uzbekistan Head of DCEC, Prosecutor General’s Office of Uzbekistan Buzrukkhonov Sarvarkhon Munavvarkhonovich,Buzrukkhonov Sarvarkhon Munavvarkhonovich, Candidate of Economic Sciences, Associate Professor Candidate of Economic Sciences, Associate Professor Akhmedov Javokhir Jamolovich,Akhmedov Javokhir Jamolovich, Doctor of Philosophy (PhD) in Economic Sciences Doctor of Philosophy (PhD) in Economic Sciences Tokhirov Jaloliddin Ochil ugli,Tokhirov Jaloliddin Ochil ugli, Doctor of Philosophy (PhD) in Technical Sciences, Senior Lecturer Doctor of Philosophy (PhD) in Technical Sciences, Senior Lecturer Bobobekov Ergash Abdumalikovich,Bobobekov Ergash Abdumalikovich, Doctor of Philosophy (PhD) in Economic Sciences, Acting Associate Professor Doctor of Philosophy (PhD) in Economic Sciences, Acting Associate Professor Judi Smetana,Judi Smetana, Candidate of Pedagogical Sciences, Associate Professor (USA) Candidate of Pedagogical Sciences, Associate Professor (USA) Chrissy Lewis,Chrissy Lewis, Candidate of Pedagogical Sciences, Associate Professor (USA) Candidate of Pedagogical Sciences, Associate Professor (USA) Glazova Marina Viсtorovna,Glazova Marina Viсtorovna, Doctor of Sciences in Economics (Moscow)) Doctor of Sciences in Economics (Moscow)) Nosirova Nargiza Jamoliddin kizi,Nosirova Nargiza Jamoliddin kizi, Doctor of Philosophy (PhD) in Economic Sciences, Associate Professor Doctor of Philosophy (PhD) in Economic Sciences, Associate Professor Sevil Piriyeva Karaman,Sevil Piriyeva Karaman, Doctor of Philosophy (PhD) (Turkey) Doctor of Philosophy (PhD) (Turkey) Mirzaliyev Sanjar Makhamatjon ugli,Mirzaliyev Sanjar Makhamatjon ugli, Head of the Department of Scientific Research and Innovations, TSUE Head of the Department of Scientific Research and Innovations, TSUE Ochilov Bobur Bakhtiyor ugli,Ochilov Bobur Bakhtiyor ugli, Senior lecturer at TSUI Senior lecturer at TSUI Golisheva Yelena Vyacheslavovna,Golisheva Yelena Vyacheslavovna, Candidate of Economic Sciences, Associate Professor. Candidate of Economic Sciences, Associate Professor. Abdukarimova Dinara Rustamkhanovna, Doctor of Economic Sciences (DSc), Professor https://yashil-iqtisodiyot-taraqqiyot.uz 4 Muassis: “Ma’rifat-print-media” MChJ Hamkorlarimiz: Toshkent davlat iqtisodiyot universiteti, OʻzR Tabiat resurslari vazirligi, OʻzR Bosh prokuraturasi huzuridagi IJQK departamenti. Jurnalning ilmiyligi: ““Yashil” iqtisodiyot va taraqqiyot” jurnali Oʻzbekiston Respublikasi Oliy ta’lim, fan va innovatsiyalar vazirligi huzuridagi Oliy attestatsiya komissiyasi rayosatining 2023-yil 1-apreldagi 336/3-sonli qarori bilan roʻyxatdan oʻtkazilgan. Ekspertlar kengashi: Berkinov Bazarbay, iqtisodiyot fanlari doktori (DSc), professor Po‘latov Baxtiyor Alimovich, texnika fanlari doktori (DSc), professor Aliyev Bekdavlat Aliyevich, falsafa fanlari doktori (DSc), professor Isakov Janabay Yakubbayevich, iqtisodiyot fanlari doktori (DSc), professor Xalikov Suyun Ravshanovich, iqtisodiyot fanlari nomzodi, dotsent Rustamov Ilhomiddin, iqtisodiyot fanlari nomzodi, dotsent Hakimov Ziyodulla Ahmadovich, iqtisodiyot fanlari doktori, dotsent Kamilova Iroda Xusniddinovna, iqtisodiyot fanlari bo‘yicha falsafa doktori (PhD) G‘afurov Doniyor Orifovich, pedagogika fanlari bo‘yicha falsafa doktori (PhD) Fayziyev Oybek Raximovich, iqtisodiyot fanlari bo‘yicha falsafa doktori (PhD), dotsent Tuxtabayev Jamshid Sharafetdinovich, iqtisodiyot fanlari bo‘yicha falsafa doktori (PhD), dotsent Xamidova Faridaxon Abdulkarim qizi, iqtisodiyot fanlari doktori, dotsent Yaxshiboyeva Laylo Abdisattorovna, katta o‘qituvchi Babayeva Zuhra Yuldashevna, mustaqil tadqiqotchi Komilova Nilufar Karshiboyevna, geografiya fanlari doktori, professori Umirzoqov Ja’sur Artiqboy o‘g‘li, iqtisodiyot fanlari doktori (DSc), dotsent Zebo Kuldasheva, iqtisodiyot fanlari doktori (DSc ), dotsent Board of Experts: Berkinov Bazarbay, Doctor of Economic Sciences (DSc), Professor Pulatov Bakhtiyor Alimovich, Doctor of Technical Sciences (DSc), Professor Aliyev Bekdavlat Aliyevich, Doctor of Philosophy (DSc), Professor Isakov Janabay Yakubbayevich, Doctor of Economic Sciences (DSc), Professor Khalikov Suyun Ravshanovich, Candidate of Economic Sciences, Associate Professor Rustamov Ilkhomiddin, Candidate of Economic Sciences, Associate Professor Khakimov Ziyodulla Akhmadovich, Doctor of Economic Sciences, Associate Professor Kamilova Iroda Khusniddinovna, Doctor of Philosophy (PhD) in Economics Gafurov Doniyor Orifovich, Doctor of Philosophy (PhD) in Pedagogy Fayziyev Oybek Rakhimovich, Doctor of Philosophy (PhD) in Economics, Associate Professor Tukhtabayev Jamshid Sharafetdinovich, Doctor of Philosophy (PhD) in Economics, Associate Professor Khamidova Faridakhon Abdulkarimovna, Doctor of Economic Sciences, Associate Professor Yakhshiboyeva Laylo Abdisattorovna, Senior Lecturer Babayeva Zuhra Yuldashevna, Independent Researcher Komilova Nilufar Karshiboyevna, Doctor of Geographical Sciences, Professor Umirzokov Jasur Artiqboy ugli, Doctor of Economic Sciences (DSc), Associate Professor Zebo Kuldasheva, Doctor of Economic Sciences (DSc), Associate Professor 08.00.01 Iqtisodiyot nazariyasi 08.00.02 Makroiqtisodiyot 08.00.03 Sanoat iqtisodiyoti 08.00.04 Qishloq xo‘jaligi iqtisodiyoti 08.00.05 Xizmat ko‘rsatish tarmoqlari iqtisodiyoti 08.00.06 Ekonometrika va statistika 08.00.07 Moliya, pul muomalasi va kredit 08.00.08 Buxgalteriya hisobi, iqtisodiy tahlil va audit 08.00.09 Jahon iqtisodiyoti 08.00.10 Demografiya. Mehnat iqtisodiyoti 08.00.11 Marketing 08.00.12 Mintaqaviy iqtisodiyot 08.00.13 Menejment 08.00.14 Iqtisodiyotda axborot tizimlari va texnologiyalari 08.00.15 Tadbirkorlik va kichik biznes iqtisodiyoti 08.00.16 Raqamli iqtisodiyot va xalqaro raqamli integratsiya 08.00.17 Turizm va mehmonxona faoliyati https://yashil-iqtisodiyot-taraqqiyot.uz MUNDARIJA СОДЕРЖАНИЕ CONTENTS 5 YASHIL IQTISODIYOT VA TARAQQIYOT 2025-yil, dekabr. № 12-son. RAQAMLI TRANSFORMATSIYA DAVRIDA TIJORAT BANKLARI LIKVIDLILIK XAVFINI BOSHQARISHI ..................................................................................................................................................................................44 Baxromov Nodirjon Muxammadamin o‘g‘li TURIZM XIZMATLAR BOZORI ISTE’MOLCHILARINI SEGMENTLASH USULI ASOSIDA DIVERSIFIKATSIYA KONSEPSIYASINI ISHLAB CHIQISH ............................................................................................... 48 Maxmudova Aziza Pirmamatovna “INNOVATSION AGROTEXNOLOGIYALAR VA “YASHIL IQTISODIYOT” TAMOYILLARI ASOSIDA G‘ALLA YETISHTIRISH BARQARORLIGINI BAHOLASH .................................................................................................53 Turayeva Gulizahro АНАЛИЗ ЦЕНОБРАЗОВАНИЯ НА ЗЕРНОВЫЕ ПРОДУКТЫ ПО ДАННЫМ МАРКЕТИНГОВЫМ ИСЛЕДОВАНИЯМ (НА ПРИМЕРЕ НАМАНГАНСКОЙ ОБЛАСТИ) .......................................................................... 57 Баҳриддинов Жаҳонгирбек Равшанжон ўғли KICHIK BIZNES RIVOJINI TA’MINLASHDA BOZOR INFRATUZILMALARINING AHAMIYATI ......................... 62 Gʻaniyev Botir Baxtiyorovich, Zakirova Gulnora Mirzaliyevna KICHIK SANOAT ZONALARI FAOLIYATINI SAMARALI BOSHQARISH METODOLOGIYASI VA YO‘LLARI .....................................................................................................................................................................................67 Shodmonqulov Kamoliddin Murodillaevich INNOVASION FAOLIYAT XARAJATLARINING BUXGALTERIYA HISOBI VA AUDITINI TAKOMILLASHTIRISH ..................................................................................................................................................................73 Mustafoyev Akbar Mustafo o‘g‘li MAHSULOT DIVERSIFIKATSIYASI VA LOGISTIKA XIZMATLARINI RIVOJLANTIRISH ASOSIDA EKSPORT POTENSIALINI OSHIRISH YO‘LLARI .................................................................................................................78 Maxkamov Ibrayim, Jo‘raboyeva Shohida Kamoliddin qizi REKLAMA SAMARADORLIGINI OSHIRISHDA RAQAMLI MARKETING STRATEGIYALARI ROLI ................. 83 Abduxalilova Laylo Toʻxtasinovna, Raxmonqulova Shahrizoda SIRKULYAR IQTISODIYOTDA YOPIQ SIKL NAZARIYASINING ROLI .......................................................................... 87 Sodikov Zokir Rustamovich YASHIL TEXNOLOGIYALARNI JORIY ETISHDA MOLIYAVIY RAG‘BATLAR VA ULARNING NATIJALARI ......................................................................................................................................................................................92 Axmadjonova Gulmira Xabibulla qizi MAMLAKAT IQTISODIYOTI RIVOJLANISHIDA KICHIK BIZNES VA XUSUSIY TADBIRKORLIKNING ROLI ........................................................................................................................................................97 G‘aniyev Baydulla Toshmurodovich АНАЛИЗ ПОДХОДОВ ЦЕНТРАЛЬНЫХ БАНКОВ К РЕГУЛИРОВАНИЮ ИННОВАЦИОННЫХ БАНКОВСКИХ ПРОДУКТОВ: СРАВНЕНИЕ УЗБЕКИСТАНА И МЕЖДУНАРОДНОЙ ПРАКТИКИ .........101 Даулетиярова Шахло СОВРЕМЕННОЕ СОСТОЯНИЕ И ПЕРСПЕКТИВЫ РАЗВИТИЯ РЫНКА ЦЕННЫХ БУМАГ УЗБЕКИСТАНА ............................................................................................................................................................................ 109 Кадирова Хадича Тураевна XORIJ MAMLAKATLARINING IQTISODIYOTNI UGLERODSIZLASHTIRISH STRATEGIYALARI: O‘ZBEKISTON UCHUN TAKLIFLAR ......................................................................................................................................115 D.X. Pulatov, F.E.Shamsiyev O‘ZBEKISTONDA ISLOM MOLIYASI: MUAMMOLAR VA RIVOJLANISH ISTIQBOLLARI .................................125 Sattorov Ixtiyor Ochilovich, Karimov Shohruh Yo‘ldoshali o‘g‘li HISOB SIYOSATI TARKIBIY TUZILISHI MASALALARI ................................................................................................. 133 Botirova Raximaxon Abdujabbarovna QURILISHDA KICHIK BIZNES VA XUSUSIY TADBIRKORLIKNING MOLIYAVIY TAHLILI .............................. 136 Musayeva Shoira Azimovna MUNDARIJA https://yashil-iqtisodiyot-taraqqiyot.uz MUNDARIJA СОДЕРЖАНИЕ CONTENTS 6 YASHIL IQTISODIYOT VA TARAQQIYOT 2025-yil, dekabr. № 12-son. KICHIK SANOAT ZONALARINI RIVOJLANTIRISH ORQALI AHOLI TURMUSH FAROVONLIGINI OSHIRISH ........................................................................................................................................................................................144 Axmedov Oybek Turgunpulatovich O‘ZBEKISTON SUG‘URTA BOZORI PORTFELI TAHLILI ...............................................................................................149 Madraximov Ilxom Kamilovich FOYDA SOLIG‘INING O‘ZIGA XOS MUAMMOLI JIHATLARI ........................................................................................154 Zaripov Xusan Baxodirovich AGRAR SEKTORNI INNOVATSION MODERNIZATSIYA QILISHDA INVESTITSIYA OQIMLARINI BOSHQARISH MODELLARINI TAKOMILLASHTIRISH ................................................................................................. 159 Xamrayev Quvvat Iskandarovich OLIY TA’LIM XIZMATLARI BOZORIDA MARKETING TADQIQODLARINI TAKOMILLASHTIRISH .............163 Jalilov Jamshid G‘anijonovich, Safarov Zavqiddin Zokir o‘g‘li MINTAQA SANOAT TARMOG‘I RIVOJLANISHINING IQTISODIY-STATISTIK TAHLILI ....................................168 Xayitboev Abror Quvondiqovich РОЛЬ СМЕШАННОГО ФИНАНСИРОВАНИЯ (BLENDED FINANCE) В ПОВЫШЕНИИ ИНВЕСТИЦИОННОЙ ПРИВЛЕКАТЕЛЬНОСТИ КОММУНАЛЬНЫХ УСЛУГ: УРОКИ РАЗВИВАЮЩИХСЯ СТРАН .................................................................................................................................................... 174 Гулмаматова Дурдона Шерали кизи KORXONALARDA STRATEGIK BOSHQARUV ...................................................................................................................180 Musayeva Dilnoza Dilshatovna BANK TIZIMIDA MARKETING AHAMIYATI VA BANK MARKETINGI ....................................................................184 Usubjonov Zaxriddin Vasliddin o‘g‘li RAQAMLI IQTISODIYOT SHAROITIDA TIJORAT BANKLARI TOMONIDAN XORJIY KREDIT MABLAG‘LARINI JALB KILISH HUQUQIY JIHATLARI .................................................................................................. 189 Qulliyev Anvar Zayniddinovich TIJORAT BANKLARINI TRANSFORMATSIYALASH SHAROITIDA CHAKANA XIZMATLARINI RIVOJLANTIRISH YO‘LLARI ....................................................................................................................................................194 Alimov Umid O‘ktambayevich MAHSULOTLARNING RAQAMLI PASPORTI TIZIMINI JORIY ETISH OMILLARI VA TO‘SIQLARI .............. 200 Avloqulova Sadoqat Sobirjon qizi KORXONALARDA FOYDA VA ZARARLARNI TAHLIL QILISHDA INNOVATSION METODLAR AHAMIYATI .................................................................................................................................................................................... 207 Ernazarov Ortiq Eshnazarovich, Farog‘at Xo‘jabekova ВЛИЯНИЕ ИСКУССТВЕННОГО ИНТЕЛЛЕКТА НА ЭКОНОМИЧЕСКОЕ БЛАГОСОСТОЯНИЕ, А ТАКЖЕ НОВЫЕ МЕХАНИЗМЫ ПОВЫШЕНИЯ ДОХОДОВ НАСЕЛЕНИЯ .....................................................212 Останов Эгамберди RAQAMLI TRANSFORMATSIYA VA INNOVASION TEXNOLOGIYALARNI INTEGRATSIYALASH: MOHIYATI VA RIVOJLANISH IMKONIYATLARI ............................................................................................................... 218 Xakimova Xulkar Xamidovna QORAQALPOG‘ISTON VA XORAZM OZIQ-ОVQAT SANОATINING IQTISODIY-STATISTIK TAHLILI HAMDA UNI YANADA RIVОJLANTIRISH YO‘LLARI ...................................................................................................... 224 Tleuov Niyetulla Raxmanovich OILAVIY KORXONALARNING IQTISODIY TIZIMDAGI O‘RNI ....................................................................................230 Shadiyeva Gulnora Mardiyevna, Rustamova Zarina Rustamovna SUN’IY INTELLEKT ASOSIDA O‘ZBEKISTON OLIY TA’LIM MUASSASALARIDA MARKETING FAOLIYATINI MODELLASHTIRISH VA BOSHQARISH MEXANIZMLARI ...............................................................234 Sadikov Shoxrux Shuxratovich XIZMAT KO‘RSATISH SOHASI KORXONALARINING RAQOBATBARDOSHLIKNI OSHIRISHDA RAQAMLI XIZMATLARNING AHAMIYATI ......................................................................................................................... 238 Asenbaeva Aydaygul Edenbaevna BARQARORLIK VA YASHIL MENEJMENT: ILMIY-NAZARIY YONDASHUVLAR VA AMALIY AHAMIYATI .................................................................................................................................................................................... 242 Djalilova Dilbar Abdikarim qizi https://yashil-iqtisodiyot-taraqqiyot.uz MUNDARIJA СОДЕРЖАНИЕ CONTENTS 7 YASHIL IQTISODIYOT VA TARAQQIYOT 2025-yil, dekabr. № 12-son. HUDUDLARNING IQTISODIY SALOHIYATINI INNAVATSION-INVESTITSION BOSHQARISH STRATEGIYASI VA MEXANIZMI (XORAZM VILOYATI MISOLIDA) ..........................................................................247 Maqsudova Malohatxon Maqsudovna, Yaxshimuratov Maqsadbek Narimon o‘g‘li O‘ZBEKISTON RESPUBLIKASI DAVLAT BUDJETINI 2026-YILGI SOLIQ SIYOSATINING TAHLILI VA XALQARO SOLISHTIRMA YONDASHUVI ....................................................................................................................251 Abdullayev Zafarbek Safibullayevich O‘ZBEKISTON MINTAQALARIDA AYOLLAR TADBIRKORLIGINI RIVOJLANTIRISH OMILLARI256 Mamataliyeva Dilnoza Raxmonovna TRANSFORMATSIYALASHUV SHAROITIDA INVESTITSIYALAR SHAKLLANISHI VA ULARNI SAMARALI BOSHQARISH YO‘NALISHLARI ......................................................................................................................259 To‘rayev Jasurali To‘rayevich O‘ZBEKISTONDA SAVDO TASHKILOTLARINING FAOLIYATI VA RIVOJLANISH HOLATI .............................. 264 B. Sulaymonov NAMANGAN VILOYATIDA “YASHIL IQTISODIYOT” MODELIGA O‘TISH JARAYONIDA KICHIK BIZNES SUBYEKTLARINING IQTISODIY FAOLLIGI ......................................................................................................270 Xonto‘rayev Obbosxon Kamolxon o‘g‘li OʻZBEKISTONDA “YASHIL” IQTISODIYOTNI RIVOJLANTIRISHNING USTUVOR YOʻNALISHLARI ..........274 Xoshimov Pazliddin Zuxurovich KICHIK BIZNES ORQALI ISH O‘RINLARINI YARATISH STRATEGIYALARI: NAMANGAN VILOYATI MISOLIDA ....................................................................................................................................................................................... 278 Ergasheva Nigora Abdigapparovna MAMLAKATIMIZDA QO‘SHILGAN QIYMAT SOLIG‘INING IJTIMOIY-IQTISODIY AHAMIYATI ....................283 Quryozov Sardorbek Sharifboevich РАЗРАБОТКА И ПРИОРИТИЗАЦИЯ КЛЮЧЕВЫХ ИНДИКАТОРОВ ЭФФЕКТИВНОСТИ ДЛЯ ОБЩЕНАЦИОНАЛЬНОЙ ПАНЕЛИ МОНИТОРИНГА ДЕЯТЕЛЬНОСТИ БОЛЬНИЦ: ЭКСПЕРТНАЯ ОЦЕНКА СО СТОРОНЫ РУКОВОДИТЕЛЕЙ МЕДУЧРЕЖДЕНИЙ ........................................290 Шухратов Мамуржон Шухрат угли MAHALLIY DAVLAT HOKIMIYAT ORGANLARINI RAQAMLI TEXNOLOGIYALAR ASOSIDA BOSHQARISHGA TA’SIR ETUVCHI OMILLAR ..................................................................................................................297 Nurmurodov Zafarjon Nurmurod o‘g‘li BANK TIZIMINING BARQAROR MOLIYAVIY RIVOJLANISHINI TA’MINLASH VOSITALARI .........................303 Sadikov Iskandar Gayratovich ЗЕЛЕНОЕ ФИНАНСИРОВАНИЕ В ЗЕЛЕНОЙ ЭКОНОМИКЕ: ТЕОРИЯ И ПРАКТИКА ...............................308 Халиков С. Х. HUDUDIY IQTISODIY RIVOJLANISHDA KICHIK BIZNESNI ROLI VA SAMARADORLIGINI OSHIRISH CHORALARI .............................................................................................................................................................313 Ergashev Jamshid Jamoliddinovich ИСТОРИЧЕСКИЙ ПРОЦЕСС СТАНОВЛЕНИЯ ФАРМАЦЕВТИЧЕСКОЙ ПРОМЫШЛЕННОСТИ ............ 317 Мажидова Фарангиз Фуркатзода O‘ZBEKISTON RESPUBLIKASIDAGI TADBIRKORLIK SUBYEKTLARIDA ISHLAB CHIQARISH SAMARADORLIGINI OSHIRISH .............................................................................................................................................321 Isakov Oybеk Jamoliddinovich NORASMIY KOOPERATSIYA MUNOSABATLARINING FERMER XO‘JALIKLARI YETISHTIRGAN MAHSULOT MIQDORIGA TA’SIRINI BAHOLASH............................................................................................................325 Ismoilov Azamat O‘ZBEKISTON TIJORAT BANKLARIDA FOIZ RISKINI BOSHQARISH AMALIYOTI ........................................... 332 Seitnazarov Daniyar Baxadirovich RAQAMLI TEXNOLOGIYALAR ASOSIDA SUT VA SUT MAHSULOTLARINI QAYTA ISHLOVCHI KORXONALAR FAOLIYATINI TAKOMILLASHTIRISH....................................................................................................341 Normuradov Nurbek Sunatilloevich “AYOL RAHBARLAR: RAHBARLIK SALOHIYATI VA ISH JOYIDA TENGLIK” FRANSIYA DAVLATI TAJRIBASI ASOSIDA ...................................................................................................................................................................346 Abduraxmonova Feruzabonu https://yashil-iqtisodiyot-taraqqiyot.uz MUNDARIJA СОДЕРЖАНИЕ CONTENTS 8 YASHIL IQTISODIYOT VA TARAQQIYOT 2025-yil, dekabr. № 12-son. QISHLOQ XO‘JALIGIDAGI KLASTERLARNING MOLIYAVIY BARQARORLIGINI EKONOMETRIK MODELLASHTIRISH...................................................................................................................................................................352 Dildora Yuldasheva TIJORAT BANKLARINING DEPOZIT BAZASINING YETARLILIGINI TAʼMINLASH YOʻLLARI ...................... 359 I.J. Isakov OLIY TA’LIM SIFATINI OSHIRISH VA IQTISODIY DIAGNOSTIKA O‘TKAZISHNING XORIJ TAJRIBASI ..... 363 Xo‘jaxonov Ma’rufxon Xamidxonovich, Axmedov Oybek Turg‘unpulatovich INKLYUZIV TA’LIMNI MOLIYAVIY QO‘LLAB-QUVVATLASHDAGI MUAMMOLAR VA ULARNI YECHISH YO‘LLARI .....................................................................................................................................................................369 Egamberdiyeva Dilorom Botir qizi, Pulatova Moxira Baxtiyorovna “KREATIV IQTISODIYOT” HAMDA “TURIZM” TUSHUNCHALARINING ILMIY-NAZARIY ASOSLARI .......................................................................................................................................................................................374 Abdurasulov Shovqiddin Erkin o‘g‘li THE STRATEGIC ROLE OF THE INDUSTRIAL SECTOR IN THE NATIONAL ECONOMY AND DEVELOPMENT FACTORS .......................................................................................................................................................380 Rakhimov Bakhromjon Ibroximovich INVESTITSIYALARNI MOLIYALASHTIRISH METODOLOGIYASINI TAKOMILLASHTIRISHNING ASOSIY YOʻNALISHLARI ...........................................................................................................................................................386 Ismailov Dilshod Anvarjonovich GLOBAL INCOME INEQUALITY IN 2024: CAUSES, PATTERNS, AND CONSEQUENCES ................................393 Ilxomjonov Jaxongir Alisher o‘g‘li ТОРГОВЫЕ ОТНОШЕНИЯ В СВОБОДНО ЭКОНОМИЧЕСКИХ ЗОНАХ: ПРОБЛЕМЫ И РЕШЕНИЯ .................................................................................................................................................................................401 Шарифхoджаев Шавкат Окилович, Ачилова Ширин Шавкат кизи O‘ZBEKISTON KON-METALLURGIYA SANOATI: RIVOJLANISH TENDENSIYALARI VA HOZIRGI HOLATI ............................................................................................................................................................................................ 407 Ergashov Botirjon Ergashovich PENSIYA JAMGʻARMASIDA DAVLAT BUDJETI TRANSFERTLARI ULUSHI HAMDA UNING XORIJ TAJRIBASI ....................................................................................................................................................................................... 415 Sherjonov Doniyor Saparbayevich O‘ZBEKISTON SANOAT KORXONALARINI QIMMATLI QOG‘OZLAR BOZORIDAN FOYDALANIB MOLIYALASHTIRISHNING HOZIRGI HOLATI VA MUAMMOLARI ...........................................................................419 Igitov Jurabek Kuzibekovich QO‘SHILGAN QIYMAT SOLIG‘I BO‘YICHA FIRIBGARLIKLAR: MEXANIZMLARI, SABABLARI VA ULARNI OLDINI OLISH YO‘LLARI..................................................................................................................................425 Eshkarayev Bobir Chariyevich TOG‘ VA TOG‘OLDI HUDUDLARIDA QISHLOQ XO‘JALIGINI DIVERSIFIKATSIYA QILISHNING USTUVOR YO‘NALISHLARI VA IQTISODIY SAMARADORLIGI .................................................................................. 431 Abdulxayeva Gulshan Maxmudovna TURIZM SOHASINING IJTIMOIY-IQTISODIY MEXANIZMLARINI TAKOMILLASHTIRISH YO‘LLARI (SAMARQAND VILOYATI MISOLIDA)..................................................................................................................................435 Xalimov Shaxboz Xalimovich SANOATDA IQTISODIY MOLIYAVIY HISSOBOTLAR XALQARO STANDARTLARINI RAQOBATBARDOSH KORPORATIV STRATEGIYALARNI SHAKLLANTIRISHDA QO‘LLASH ........................442 Turaboev Ibroxim Ismoil o‘g‘li ФОНДИРОВАНИЕ И СТРАХОВАНИЕ В СИСТЕМЕ УПРАВЛЕНИЯ ФИНАНСОВЫМИ РИСКАМИ АПК: СОВРЕМЕННЫЕ ПОДХОДЫ И МЕЖДУНАРОДНЫЙ ОПЫТ ..................................................................................447 Дурманов Акмал Шаймарданович PAXTA-TO‘QIMACHILIK KLASTERLARI RIVOJLANISHINING STATISTIK KO‘RSATKICHLARI TAHLILI ........................................................................................................................................................................................... 456 Atajanova Guli Maxsudbekovna JAHON MOLIYAVIY BOZORLARI BARQARORLIGIGA GLOBAL IQTISODIY INQIROZLAR VA GEOSIYOSIY OMILLARNING TA’SIRI HAMDA ULARNI BOSHQARISH STRATEGIYALARI .....................462 Abdurazakova Nargiza Rixsibayevna https://yashil-iqtisodiyot-taraqqiyot.uz MUNDARIJA СОДЕРЖАНИЕ CONTENTS 9 YASHIL IQTISODIYOT VA TARAQQIYOT 2025-yil, dekabr. № 12-son. QISHLOQ XO‘JALIGIDA RESURSLARDAN SAMARALI FOYDALANISH VA OZIQ-OVQAT MAHSULOTLARINI ISHLAB CHIQARISHDA BOSHQARUV QARORLARINING IQTISODIY TAHLILI .........467 Mamadiyarov Dilshad Uralovich PAXTA TOZALASH KORXONALARINING TARKIBIY BOʻLINMALARIDA MOLIYAVIY BOSHQARUV TIZIMINI TAKOMILLASHTIRISH YOʻLLARI ......................................................................................................................474 Murodov Orif Jumayevich, Gʻulomov Xaydarbek Ilyos oʻgʻli BARQAROR KELAJAK SARI: MAMLAKATDA EKOLOGIK XAVFSIZLIKNI MUSTAHKAMLASH ....................482 Abdullaev Shavkatjon Maxmudillaevich ZAMONAVIY IQTISODIY SHAROITLARDA KORXONALARNING MOLIYAVIY BARQARORLIGINI TA’MINLASH .................................................................................................................................................................................. 487 Abdulakimova Moxina Farxod qizi UMUMIY OVQATLANISH SHAHOBCHALARINING FAOLIYATI SAMARADORLIGINI TAHLIL QILISH ..............................................................................................................................................................................................493 Amiriddinova Muslima Zayniddin qizi XIZMAT KO‘RSATISH SOHASIDA MIJOZLAR EHTIYOJINI O‘RGANISH VA XIZMAT SIFATINI OSHIRISHNING INNOVATSION YONDASHUVLARI .......................................................................................................498 Babayeva Lola Ibragimovna MINTAQADA TARIXIY VA MADANIY TURIZMNI RIVOJLANTIRISH IMKONIYATLARINI KENGAYTIRISHDA DAVLAT HAMDA XUSUSIY SHERIKCHILIK TIZIMIDAN FOYDALANISH ......................504 Xusanov Chari Kadirovich PROSPECTS FOR IMPROVING INFRASTRUCTURE FOR SMALL BUSINESS AND ENTREPRENEURSHIP IN THE REPUBLIC OF UZBEKISTAN..................................................................................... 509 Botirova Xulkar Olimjonovna THE IMPACT OF AGRICULTURAL CLUSTERS ON FOOD SECURITY AND MACROECONOMIC STABILITY ...................................................................................................................................................................................... 514 Sherkulov Shohruh Erkin ugli OZIQ-OVQAT XAVFSIZLIGINI TA’MINLASHDA ISSIQXONA IQTISODIYOTINI O‘RNI VA NAZARIY–METODOLOGIK ASOSLAR ........................................................................................................................... 520 Otavullaev Sukhrob Sa’dullo o‘g‘li IJTIMOIY AHAMIYATI YUQORI LOYIHALARNI DAVLAT-XUSUSIY SHERIKLIGI ASOSIDA BOSHQARISHNI TAKOMILLASHTIRISH ............................................................................................................................524 Taspanova Ayzada Kenjebayevna KICHIK BIZNES SUBYEKTLARIDA RAQOBAT STRATEGIYALARINI TAKOMILLASHTIRISH ....................... 529 Sharopova Nafosat Radjabovna, Jamolova Aziza TIKUV-TRIKOTAJ KORXONALARIDA ISTE’MOLCHILARNING XULQ-ATVORINI O‘RGANISHNI TAKOMILLASHTIRISH ...............................................................................................................................................................537 Sultonova Zulxumor, Bobojonov Baxrombek Ro‘zimovich INTERNATIONAL TRADE BETWEEN INTEGRATION AND ISOLATION: INNOVATION AND UNCERTAINTY IN A FRAGMENTING GLOBAL ECONOMY ..............................................................................542 Zakhidov Azizbek Rustamovich QORAQALPOGʻISTON RESPUBLIKASI QO‘NG‘IROT TUMANIDA SIGIRLAR BOSH SONINING PROGNOZ KO‘RSATKICHLARI ...............................................................................................................................................548 Sabit Gabbarov TO‘QIMACHILIK MAHSULOTLARI EKSPORTINI OSHIRISHDA YASHIL MARKETING STRATEGIYALARIDAN FOYDALANISH ..............................................................................................................................552 Ergashxodjayeva Shaxnoza Djasurovna, Xo‘janova Husnora O‘ZBEKISTONDA IQTISODIY O‘SISH SIFAT OMILLARINING TA’SIRINI BAHOLASH METODOLOGIYASINI TAKOMILLASHTIRISH ..................................................................................................................558 Bustonov Mansurjon Mardonakulovich ОБЩАЯ КОНЦЕПЦИЯ СТАБИЛЬНОСТИ ФОРМИРОВАНИЯ ФИНАНСОВЫХ РЕСУРСОВ .......................567 Зайналов Джахонгир Расулович ОСОБЕННОСТИ РАЗВИТИЯ РЫНКОВ КАПИТАЛОВ ................................................................................................571 Хотамкулова Мадина Санжар кизи, Зайналов Джахонгир Расулович https://yashil-iqtisodiyot-taraqqiyot.uz MUNDARIJA СОДЕРЖАНИЕ CONTENTS 16 YASHIL IQTISODIYOT VA TARAQQIYOT 2025-yil, dekabr. № 12-son. METALLURGIYA SANOATIDA EKOLOGIK TOZA TEXNOLOGIYALARNI JORIY ETISH: MAQSADGA MUVOFIQLIGI VA NATIJALARI ............................................................................................................................................ 1244 Karimov Ma’ruf Ixtiyorovich HUDUDIY IQTISODIY O‘SISH OMILLARINING EKONOMETRIK TAHLILI: SURXONDARYO VILOYATI MISOLIDA ................................................................................................................................................................ 1248 Zaripova Mukaddas Djumayozovna, Normurodov Asliddin Alijon o‘g‘li INDUSTRIАL RIVOJLАNISHNING IQTISODIY VА EKOLOGIK OQIBАTLАRI ..................................................... 1258 Ataniyazova M.B. OLIY TA’LIM RAQOBATBARDOSHLIGINING TA’LIM SIFATINI OSHIRISHDAGI ROLI ................................... 1263 Nishonov Dilshod Shamsidinovich СИСТЕМА ВЫСШЕГО ОБРАЗОВАНИЯ КАК КЛЮЧЕВОЙ ЭЛЕМЕНТ ФОРМИРОВАНИЯ «ЗЕЛЕНОЙ» ЭКОНОМИКИ В РЕСПУБЛИКЕ УЗБЕКИСТАН ................................................................................ 1269 Махмутходжаева Луиза Сайфулловна IQTISODIYOTDA “YASHIL” MOLIYALASHTIRISHNI RIVOJLANTIRISHNING XUSUSIYATLARI ................. 1274 Risqibekova Nozimaxon THE ROLE OF DIGITAL MARKETING IN BOOSTING TOURISM-RELATED BUSINESSES ............................ 1280 Farrukh Mamadiyorov Shukhratovich MINTAQA IQTISODIY BARQARORLIGINI BAHOLASH INDIKATORLARI VA USLUBLARI ........................... 1284 Turdiyev Ulug‘bek Qayumovich MAJOR INFLATIONARY FACTORS IN THE ECONOMY OF UZBEKISTAN AND ANTI-INFLATION POLICIES ....................................................................................................................................................................................... 1290 Koshanov Abdimurat Azat uli, Oralbaeva Diana Mukhit qizi IQTISODIYOT ЭКОНОМИКА ECONOMY YASHIL IQTISODIYOT VA TARAQQIYOT https://yashil-iqtisodiyot-taraqqiyot.uz 1290 2025-yil, dekabr. № 12-son. MAJOR INFLATIONARY FACTORS IN THE ECONOMY OF UZBEKISTAN AND ANTIINFLATION POLICIES Koshanov Abdimurat Azat uli Independent researcher at Tashkent State University of Economics Email: [email protected] Annotatsiya. This article analyzes the dynamics of inflation in the Uzbek economy in 2019–2024, the main external and internal factors influencing its formation, and strategies for reducing inflation. The study used open data from international and national institutions, such as the Central Bank of the Republic of Uzbekistan, the State Statistics Committee, the World Bank, and the International Monetary Fund. Based on statistical data, the interrelationships between annual changes in inflation, energy prices, shifts in the global food market, the national exchange rate, and monetary policy were examined. The results showed that the persistence of high inflation in Uzbekistan is explained, on the one hand, by external price shocks and high dependence on imports, and, on the other hand, by insufficiently developed market infrastructure, weak competition, and administrative changes in some tariffs. The article concludes with a comprehensive strategy, consisting of a set of monetary, fiscal, and structural reforms, to bring inflation closer to a sustainable 5 percent target level. Kalit soʻzlar: inflation, economy of Uzbekistan, monetary policy, price stability, macroeconomic stability, consumer price index, energy prices, external shocks, structural reforms. Abstract. Mazkur maqolada 2019–2024-yillarda O‘zbekiston iqtisodiyotida inflyatsiya dinamikasi, uning shakllanishiga ta’sir etuvchi asosiy tashqi va ichki omillar hamda inflyatsiyani pasaytirish strategiyalari tahlil qilingan. Tadqiqotda O‘zbekiston Respublikasi Markaziy banki, Davlat statistika qo‘mitasi, Jahon banki va Xalqaro valyuta jamg‘armasi kabi milliy va xalqaro institutlarning ochiq ma’lumotlaridan foydalanilgan. Statistik ma’lumotlar asosida inflyatsiyaning yillik o‘zgarishlari, energiya narxlari, jahon oziq-ovqat bozoridagi kon’yunktura, milliy valyuta kursi dinamikasi va pul-kredit siyosati o‘rtasidagi o‘zaro bog‘liqliklar tahlil etilgan. Tadqiqot natijalari O‘zbekistonda inflyatsiyaning nisbatan yuqori darajada saqlanib qolishi, bir tomondan, tashqi narx shoklari va importga yuqori darajada bog‘liqlik, ikkinchi tomondan esa bozor infratuzilmasining yetarli darajada rivojlanmaganligi, raqobatning sustligi va ayrim tariflardagi ma’muriy o‘zgarishlar bilan izohlanishini ko‘rsatdi. Maqolada inflyatsiyani barqaror 5 foizlik maqsadli darajaga yaqinlashtirishga qaratilgan monetar, fiskal va tarkibiy islohotlar majmuasidan iborat kompleks strategiya taklif etilgan. Key words: inflyatsiya, O‘zbekiston iqtisodiyoti, pul-kredit siyosati, narxlar barqarorligi, makroiqtisodiy barqarorlik, iste’mol narxlari indeksi, energiya narxlari, tashqi shoklar, tarkibiy islohotlar. Oralbaeva Diana Mukhit qizi Student at Nukus State Technical University Email: [email protected] IQTISODIYOT ЭКОНОМИКА ECONOMY YASHIL IQTISODIYOT VA TARAQQIYOT https://yashil-iqtisodiyot-taraqqiyot.uz 1291 2025-yil, dekabr. № 12-son. Аннотация. В статье анализируется динамика инфляции в экономике Узбекистана в 2019–2024 годах, а также основные внешние и внутренние факторы, влияющие на её формирование, и стратегии снижения инфляции. В исследовании использовались открытые данные международных и национальных институтов, включая Центральный банк Республики Узбекистан, Государственный комитет по статистике, Всемирный банк и Международный валютный фонд. На основе статистических данных были изучены взаимосвязи между годовыми изменениями инфляции, ценами на энергоносители, конъюнктурой мирового продовольственного рынка, динамикой национального обменного курса и денежно-кредитной политикой. Результаты исследования показали, что сохранение относительно высокого уровня инфляции в Узбекистане обусловлено, с одной стороны, внешними ценовыми шоками и высокой импортной зависимостью, а с другой стороны — недостаточным развитием рыночной инфраструктуры, слабой конкуренцией и административными изменениями отдельных тарифов. В статье предлагается комплексная стратегия, включающая совокупность монетарных, фискальных и структурных реформ, направленных на приближение инфляции к устойчивому целевому уровню 5 процентов. Ключевые слова: инфляция, экономика Узбекистана, денежно-кредитная политика, ценовая стабильность, макроэкономическая стабильность, индекс потребительских цен, цены на энергоносители, внешние шоки, структурные реформы. INTRODUCTION In recent years, the Uzbek economy has undergone large-scale market reforms. The liberalization of the exchange rate, the gradual liberalization of prices, the reform of state-owned enterprises, and the revision of energy tariffs have had a direct impact on inflationary processes. While the annual growth rate of consumer prices in 2019 was above 15 percent, inflation has gradually decreased in recent years, but still remains close to double-digit levels. According to the Central Bank, inflation at the end of 2022 was 12.3 percent, and at the end of 2023 it was around 8.8 percent, the lowest figure since 2016. (Central Bank of Uzbekistan) According to the World Bank and IMF, inflation in 2024 is expected to average around 9-10 percent, and to be above the target level in 2025 as well. (World Bank) A 2019 presidential decree set a goal of reducing inflation in Uzbekistan to 5 percent by 2023. The purpose of the study – Identify the main factors causing inflation in the Uzbek economy and develop scientifically based strategic proposals to reduce it. REVIEW OF LITERATURE ON THE SUBJECT Inflation in the economy of Uzbekistan has been extensively examined in both domestic and international academic literature, particularly in the context of the country’s transition toward market-based economic mechanisms. Researchers generally agree that inflationary processes in Uzbekistan are shaped by a complex interaction of monetary, fiscal, structural, and external factors. Olivier Blanchard, in his macroeconomic framework, emphasizes that inflation in transition economies is rarely the result of a single cause, but rather emerges from the interaction between money supply dynamics, expectations, and supply-side rigidities. This theoretical perspective is frequently applied by Uzbek economists when interpreting domestic inflation trends. A substantial strand of literature highlights the role of monetary factors in shaping inflation dynamics. Studies conducted by economists at the International Monetary Fund, including work by Mohamed Al-Rasasi and Edda Cabezon, analyze Uzbekistan’s gradual transition toward an inflation-targeting regime and argue that monetary policy credibility and institutional capacity are decisive for controlling inflation. These authors stress that while the Central Bank of Uzbekistan has made notable progress by liberalizing the exchange rate and adopting market-based policy instruments, the effectiveness of monetary transmission remains constrained by shallow financial markets and partial dollarization. As a result, interest rate adjustments do not always translate into immediate price stabilization. The Central Bank of the Republic of Uzbekistan itself has contributed significantly to the analytical literature on inflation. In its monetary policy concept papers, the Bank consistently identifies excessive growth in money supply, inflation expectations, and exchange rate pass-through as key inflationary drivers. According to the Central Bank’s analytical assessments, inflation expectations among households and businesses play a particularly important role in sustaining price pressures, especially during periods of structural reform and tariff liberalization. This aligns with the views of Paul Krugman and Robin Wells, who emphasize that expectationsdriven inflation can persist even in the absence of strong demand shocks. Non-monetary factors have received growing attention in recent empirical research. Uzbek economist Nodir Avazov, in his econometric analysis of inflation determinants, demonstrates that fiscal deficits, wage growth, labor market imbalances, and remittance inflows exert statistically significant effects on inflation in IQTISODIYOT ЭКОНОМИКА ECONOMY YASHIL IQTISODIYOT VA TARAQQIYOT https://yashil-iqtisodiyot-taraqqiyot.uz 1292 2025-yil, dekabr. № 12-son. Uzbekistan. Avazov argues that remittances, while supporting household incomes, can increase aggregate demand without a proportional expansion in domestic production, thereby amplifying inflationary pressures. This conclusion is supported by regional studies that examine the macroeconomic impact of labor migration on price stability in Central Asia. External factors constitute another critical dimension of inflationary processes. Analysts from the European Bank for Reconstruction and Development emphasize that Uzbekistan’s inflation is highly sensitive to imported price shocks, particularly for energy, food, and intermediate goods. Given the country’s integration into regional trade networks, fluctuations in global commodity prices and exchange rates are transmitted rapidly into domestic prices. Economic commentaries published by UzDaily and other analytical platforms underline that imported inflation remains a persistent challenge due to the high share of imports in consumer and producer markets. Structural and supply-side constraints further intensify inflationary pressures. Research published in regional economic journals by scholars such as Zafar Djumayev points to production bottlenecks, insufficient competition, and logistical inefficiencies as key contributors to cost-push inflation. These studies argue that monetary tightening alone cannot fully address inflation when price growth is driven by supply shortages and structural rigidities. Similar conclusions are drawn in World Bank analytical reports, which emphasize the need for market competition, infrastructure development, and productivity growth as long-term anti-inflation tools. Overall, the reviewed literature demonstrates that inflation in Uzbekistan is a multidimensional phenomenon driven by monetary expansion, external shocks, fiscal imbalances, and structural constraints. While recent reforms have strengthened the institutional foundations of anti-inflation policy, scholars consistently emphasize that sustainable price stability requires not only sound monetary policy, but also deep structural reforms, fiscal discipline, and effective expectation management. This consensus provides a strong analytical foundation for further empirical research on inflationary dynamics and policy effectiveness in the Uzbek economy. RESEARCH METHODOLOGY The object of the study is the dynamics of consumer prices and inflation processes in the Republic of Uzbekistan. The research covers the period from 2019 to 2024, which is identified as a crucial stage in the country’s macroeconomic development. This timeframe reflects the gradual transition toward an inflation targeting regime, alongside the deepening of currency and price liberalization processes. These structural and institutional changes significantly influenced price formation mechanisms and inflation dynamics, making the selected period analytically relevant. The choice of this period is also justified by the active role of the Central Bank of Uzbekistan in reforming monetary policy instruments and enhancing transparency and credibility in inflation management. The empirical base of the study relies on official and internationally recognized statistical and analytical sources. Annual inflation indicators and monetary policy reports published on the official website of the Central Bank of Uzbekistan were used to assess trends in inflation and the evolution of monetary policy approaches. Consumer Price Index data were obtained from reports of the Agency for Statistics of the Republic of Uzbekistan, which provide detailed and systematic information on price changes across consumer goods and services. In addition, inflation statistics from the World Bank Open Data and the Federal Reserve Economic Data (FRED) databases were employed to ensure comparability and cross-verification of national data with international benchmarks. Analytical conclusions from the International Monetary Fund’s Article IV country missions were incorporated to reflect external assessments of Uzbekistan’s macroeconomic stability and inflationary environment. The study also draws on analytical materials from the EBRD Transition Report 2022–23 and the World Bank’s Macro Poverty Outlook, which offer broader macroeconomic context and insights into structural reforms, inflation trends, and their socioeconomic implications (Figure 1). Figure 1. Inflation rates IQTISODIYOT ЭКОНОМИКА ECONOMY YASHIL IQTISODIYOT VA TARAQQIYOT https://yashil-iqtisodiyot-taraqqiyot.uz 1293 2025-yil, dekabr. № 12-son. The research uses descriptive statistical analysis to summarize annual inflation rates and their structural composition across major consumer price categories. This approach helps to identify the main components of inflation and their relative significance over the study period. Time series analysis is applied to reveal short-term movements and long-term trends in inflation dynamics, allowing for the identification of stable patterns and structural changes linked to macroeconomic reforms and external influences. The comparison method is employed to assess Uzbekistan’s inflation performance in relation to regional and global inflation trends, providing a broader context for evaluating national price dynamics. In addition, content analysis is used to qualitatively examine inflation determinants and policy assessments reflected in reports of the Central Bank of Uzbekistan, the IMF, and the World Bank (Table 1). Table 1. Annual inflation dynamics in Uzbekistan (as of the end of the year, %) Year Inflation, % (estimated range) Explanation 2019 ≈15,2 High core inflation following the period of exchange rate liberalization (Central Bank of Uzbekistan) 2020 ≈11–12 Demand declines in the pandemic, but supply chains are disrupted (Central Bank of Uzbekistan) 2021 ≈10 Decrease due to tightening of monetary policy (Central Bank of Uzbekistan) 2022 12–12,5 Ukraine war, rising global food and energy prices (EBRD) 2023 8,7–9,0 Lowest figure since 2016, impact of monetary policy (Statistics of Uzbekistan) 2024 ≈9,6 World Bank estimate, impact of energy price reform (World Bank Open Data) The line chart is constructed based on the numbers in Table 1. The X-axis is years, the Y-axis is the inflation rate (%), reflecting a downward trend from 2019 to 2023, and a short-term increase in 2024 due to energy tariff reforms. ANALYSIS AND RESULTS The data obtained indicate that inflation in Uzbekistan over the period 2019–2024 followed a generally declining but uneven trajectory. After reaching a relatively high level in 2019, inflation gradually slowed during 2020–2021, reflecting the initial effects of tighter monetary conditions and partial stabilization of domestic prices. However, in 2022 inflation accelerated again and returned to double-digit levels, largely as a result of external shocks, including global price increases and disruptions in international supply chains, as noted by the Central Bank of Uzbekistan. According to the IMF’s 2024 Article IV Conclusion, consumer price inflation declined from 12.3 percent at the end of 2022 to 8.1 percent by April 2024, indicating a renewed disinflationary trend. Data from the World Bank and national statistical sources further show that inflation at the end of 2023 stood at approximately 8.7–9 percent, confirming a gradual, though still fragile, stabilization of price dynamics. The analysis shows that the factors shaping inflation in Uzbekistan can be grouped into external, internal, and institutional components. External or exogenous factors primarily include rising global prices for food and energy resources, which directly affect domestic consumer prices, as highlighted in EBRD assessments. In addition, economic difficulties in Russia and other key partner countries, together with higher transportation and logistics costs, have exerted upward pressure on prices, according to the Central Bank of Uzbekistan. A high dependence on imports, particularly of fuel, wheat, oil, metals, and technological equipment, has further amplified the transmission of global price shocks into the domestic economy, as emphasized by the World Bank. Internal factors have played a meaningful role in shaping inflation dynamics, reflecting the ongoing structural transformation of the economy. The gradual alignment of energy sector tariffs with market-based principles has increased production and household costs in the short term; however, this process also creates the foundations for more efficient resource allocation and long-term fiscal sustainability, as emphasized by the Central Bank of Uzbekistan. In several markets, limited competition and the dominance of large producers have influenced price-setting behavior, highlighting the importance of further market liberalization and competitionenhancing reforms, as noted by the EBRD. At the same time, growth in the money supply and an expansionary fiscal stance, expressed through higher public expenditures, have supported aggregate demand and economic activity. Rising wages and expanded social transfers have strengthened domestic demand and improved IQTISODIYOT ЭКОНОМИКА ECONOMY YASHIL IQTISODIYOT VA TARAQQIYOT https://yashil-iqtisodiyot-taraqqiyot.uz 1294 2025-yil, dekabr. № 12-son. household welfare, while also contributing to moderate demand-side inflationary pressures, according to World Bank assessments. Expectations and institutional factors represent another important dimension of inflation formation. Inflation expectations among households and businesses remain sensitive to price signals, underlining the need for consistent communication and credible policy commitments by monetary authorities. In sectors such as energy and utilities, tariff adjustments implemented within a partially regulated pricing framework have led to short-term price increases, but they also mark progress toward transparent and economically justified pricing mechanisms. Strengthening coordination between competition policy and tariff regulation is expected to enhance the effectiveness of anti-inflationary measures, a direction highlighted in EBRD analytical reports. According to the World Bank’s Macro Poverty Outlook, elevated inflation has moderated real income growth, particularly for low-income households, whose consumption structure is concentrated on essential goods and services. This underscores the importance of targeted social support and productivity-enhancing policies to protect vulnerable groups. At the same time, price volatility increases uncertainty for businesses and complicates long-term investment planning. IMF analyses indicate that maintaining macroeconomic stability and reinforcing confidence in the national currency are essential for reducing financial risks and supporting sustainable private sector development. Overall, the findings confirm that inflation in Uzbekistan is a multifactorial and structurally conditioned phenomenon that extends beyond purely monetary explanations. The Central Bank of Uzbekistan has pursued a prudent monetary policy by maintaining a positive real base rate, moderating money supply growth, and implementing inflation targeting principles. These measures have contributed to a noticeable deceleration of inflation, particularly during the period 2020–2023, and have played a key role in anchoring expectations, strengthening confidence in the national currency, and balancing domestic demand. At the same time, ongoing reforms in the energy sector, fluctuations in import prices, rising logistics costs, and structural rigidities continue to exert upward pressure on prices. The transition to market-based pricing for electricity, gas, and fuel inevitably generates short-term cost-push effects, but it also reduces hidden subsidies and enhances long-term efficiency. Given the high degree of import dependence, external price shocks are rapidly transmitted to the domestic market, emphasizing the importance of diversification, local production development, and improved logistics infrastructure. Experts from international financial institutions, particularly the International Monetary Fund and the World Bank, emphasize that while tight monetary policy is effective in moderating inflation dynamics, achieving the medium-term target of 5 percent requires complementary structural reforms. Continued modernization of the energy, transport, agriculture, and state-owned enterprise sectors, alongside the development of market institutions and stronger competition, is viewed as essential. In this context, monetary policy serves as a stabilization tool, whereas structural reforms address the fundamental drivers of inflation. Statistical data indicate that in segments with limited competitive pressure—such as fuel and energy products, construction materials, and selected food markets—price growth exceeds the average inflation rate. This situation highlights the potential benefits of strengthening antimonopoly regulation, lowering barriers to market entry for small and medium-sized enterprises, and improving supply chain efficiency. Expanding competition and logistics capacity is therefore expected to reduce price volatility, enhance market discipline, and contribute to a more stable and predictable inflation trajectory in the medium term. Another aspect that needs to be discussed is inflation expectations and indexation practices. Having operated under double-digit inflation for a long time, the population and business representatives accept high price growth in the future as “normal”. As a result, wages, rents, contracts and other prices are often set in line with the expected level of future inflation. This creates second-round effects, leading to a slow decline in inflation processes even when monetary policy is tightened. In this regard, clear and understandable communication by the Central Bank and the government on information policy, forecasts and target indicators is an important tool for lowering expectations. Another important issue is the social distribution of inflation. Statistics and international reports show that food and utilities, which are most exposed to price fluctuations, usually occupy a high share in the consumer basket of low-income groups. This means that inflation hits low-income groups especially hard, slowing down the process of poverty reduction. Therefore, the process of tariff and price liberalization must necessarily be combined with targeted social support mechanisms - subsidies, compensation, indexation of benefits, etc. Otherwise, the risk of short-term social discontent will increase and the sustainability of reforms will be undermined. The study itself has a number of limitations. First, the analysis relies mainly on available official statistical data; some differences in the informal sector and regions may not be fully taken into account. Second, the results would be more accurate if econometric models (for example, VAR or ARDL models) were used to more deeply identify inflation factors. It would be appropriate for future research to overcome these limitations and IQTISODIYOT ЭКОНОМИКА ECONOMY YASHIL IQTISODIYOT VA TARAQQIYOT https://yashil-iqtisodiyot-taraqqiyot.uz 1295 2025-yil, dekabr. № 12-son. focus on the analysis of inflation at the sectoral and regional level, as well as on studying the specific impact of expectations and institutional reforms. CONCLUSIONS AND SUGGESTIONS The analysis indicates that inflation in Uzbekistan followed a general downward trajectory during 2019– 2024, reflecting tangible progress in macroeconomic stabilization and monetary policy reform. Nevertheless, inflation remained above the officially declared target of 5 percent as of 2024, according to the Central Bank of Uzbekistan. This gap suggests that the transition toward full price stability is still underway and that inflation targeting mechanisms are at an intermediate stage of effectiveness rather than fully consolidated. Inflation dynamics continue to display a high degree of sensitivity to external factors, including global energy and food price movements, elevated logistics costs, and the economy’s import intensity, as highlighted in EBRD assessments. At the same time, domestic factors such as energy tariff liberalization, fiscal expansion, monetary growth, and uneven competitive conditions across markets remain important determinants of price dynamics, as noted by the Central Bank of Uzbekistan. Elevated inflation has influenced socio-economic outcomes by moderating real income growth, slowing the pace of poverty reduction, and increasing uncertainty for business planning, trends that are also reflected in World Bank analyses. Achieving a sustainable reduction in inflation requires a comprehensive and well-coordinated policy framework. Within monetary policy, maintaining a consistent and predictable stance remains essential. This includes preserving a positive real policy rate relative to inflation expectations, aligning monetary expansion with real output growth, and further strengthening the Central Bank’s communication strategy through transparent forecasts and clearly articulated policy decisions. These measures are expected to reinforce the anchoring of inflation expectations and enhance the overall credibility of the inflation targeting regime. The effectiveness of inflation management can be further strengthened through closer coordination with fiscal policy. Gradual fiscal consolidation, careful alignment of social payment indexation with inflation objectives, and the use of transparent, targeted mechanisms for state-guaranteed lending and subsidies can help moderate demand-side pressures while safeguarding social priorities. Such an approach allows fiscal policy to support macroeconomic stability without undermining inclusive growth objectives. Structural and institutional reforms constitute another central pillar of a sustainable anti-inflation strategy. In the energy sector, continued tariff reform accompanied by targeted compensation mechanisms and expanded energy efficiency programs can reduce inflationary spillovers while improving long-term resource efficiency. Strengthening competition policy, lowering barriers to market entry, and improving regulatory enforcement are expected to enhance price discipline across key markets. In parallel, policies aimed at supporting domestic production in sectors with high import dependence—through infrastructure investment, tax incentives, and logistics modernization—can reduce exposure to external price shocks and improve supply resilience. Social protection instruments and public communication also play a crucial role in inflation management. Well-targeted support for low-income households can mitigate the distributional effects of price increases and preserve social stability. At the same time, consistent and transparent communication with the population regarding the causes of inflation, the logic of ongoing reforms, and their medium-term benefits can strengthen public trust and contribute to lower inflation expectations. Forecasts by international institutions, including the IMF, suggest that the integrated implementation of monetary, fiscal, and structural measures creates favorable conditions for maintaining inflation at a stable single-digit level close to the target over the medium term. List of used literature: 1. Central Bank of the Republic of Uzbekistan. Year-on-year, month-on-month and cumulative inflation indicators. (2019– 2025). (Central Bank of Uzbekistan) 2. Central Bank of the Republic of Uzbekistan. Annual Report 2023. T.: CBU, 2024. (Central Bank of Uzbekistan) 3. State Committee of the Republic of Uzbekistan on Statistics. Prices. Consumer Price Index for the Republic of Uzbekistan, 2023. (Statistics of Uzbekistan) 4. World Bank. Uzbekistan – Country Overview and Data (Inflation, consumer prices, annual %). (Central Bank) 5. IMF. Uzbekistan – 2024 Article IV Consultation, Press Release No. 24/240. 26 June 2024. (IMF) 6. IMF. Uzbekistan – Staff Concluding Statement of the 2025 Article IV Mission. 23 April 2025. (IMF) 7. European Bank for Reconstruction and Development (EBRD). Transition Report 2022–23: Country Assessment – Uzbekistan. (ЕБРР) 8. World Bank. Macro Poverty Outlook for Uzbekistan (Europe and Central Asia). Latest issue, 2025. (World Bank) 9. Gazeta.uz. “Inflation in Uzbekistan made up 8.77% in 2023, lowest since 2016.” 3 January 2024. (Газета.uz) 10. Daryo.uz. “Uzbekistan achieves record low annual inflation of 8.76% in 2023.” 7 December 2023. (Daryo) 11. Kun.uz. “Uzbekistan’s inflation remains above target – Central Bank chief explains delay.” 13 September 2025. (Kun. uz) 12. World Bank. Global Economic Prospects and global trends in inflation (various publications). (AP News) Manzilimiz: Toshkent shahar, Mirzo Ulug‘bek tumani Kumushkon koʻchasi, 26-uy. 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