Economic Analysis: Theory and Practice

Economic growth quality: Methodological issues

Vol. 16, Iss. 8, AUGUST 2017

Received: 11 May 2017

Received in revised form: 7 July 2017

Accepted: 31 July 2017

Available online: 29 August 2017


JEL Classification: О47

Pages: 1541–1566

Madrakhimov U.A. Institute of Forecasting and Macroeconomic Research, Tashkent, Uzbekistan

Importance The article addresses economic and social relations arising in the process of economic growth quality improvement, sustainable economic growth and its factors.
Objectives The study aims to identify key growth factors and formulate practical proposals for enhancing the quality of Uzbekistan's sustainable economic growth in line with the national economy development.
Methods The methodological framework rests on fundamental and applied research by domestic and foreign scientists in the field of economic analysis and relevant publications in periodicals. I apply structural, logical and systems approaches, macroeconomic methods of generalization, grouping, comparison, quantitative, economic-statistical, econometric and factor analysis.
Results I developed a methodology to measure the effectiveness of economic growth and inclusive growth criteria to analyze the Uzbek economy. I also investigated labor productivity at the macro level and the impact of capital on its change. Using econometric methods, I define the contribution of certain factors to the quality of economic growth of Uzbekistan and provide targets of scenarios for economic development.
Conclusions and Relevance The findings serve as a basis of recommendations for enhancing the quality and duration of sustainable growth in Uzbekistan.

Keywords: economic growth, labor productivity, capital intensity, labor intensity


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