The Impact of Privatization on Economic Growth: The Case of Uzbekistan

Sobir Shukurov, Mansoor Maitah () and Lubos Smutka
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Sobir Shukurov: Tashkent State University of Law, Tashkent, Uzbekistan,

International Journal of Economics and Financial Issues, 2016, vol. 6, issue 3, 948-957

Abstract: This paper clarifies the macroeconomic gains from privatization during the transition period in Uzbekistan. The choice of this country is due to its stable macroeconomics performance beginning from 1996 onwards, and author's related work experience at The State Committee of the Republic of Uzbekistan for Privatization. Based on the macroeconomic empirical literature on growth, we supplement the standard model of gross domestic product growth with other transition-specific variables to investigate the impact of privatization on economic growth. In so doing, we found that economic growth was significantly influenced by investment (more importantly investment to the education), and employment growth. Several other institutional components specific to the transition process, particularly the private sector and capital market development, and small-scale privatization were also found to be significant determinants of economic development in Uzbekistan.

Keywords: Privatization; Transition Economy; Economic Performance; Uzbekistan (search for similar items in EconPapers)
JEL-codes: O21 O47 P26 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ1:2016-03-17

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