THE IMPACT OF MACROECONOMIC FACTORS ON THE DEVELOPMENT OF SMALL BUSINESSES IN UZBEKISTAN

This study empirically analyzes the impact of macroeconomic factors on the growth of gross value created by small businesses based on panel data from 14 regions of Uzbekistan for the period 2010-2024. In addition, the calculation method includes the level of economic activity, debt obligations of small businesses, employment share, and foreign investment indicators as explanatory factors. The results of the fixed effect model used in the study indicate the importance of the impact of the macroeconomic factors selected in the study on the development of small businesses in the country