Диссертацияларининг асосий илмий натижаларини чоп этиш тавсия этилган илмий нашрлар ва Россия

The urgency of improving the functioning of free 
economic zones in the regions
Mels Rashidov, 
 PhD (in Economics), 
Navoi State Mining Institute big teacher Senior lecturer
Abstract: 
as free economic zones have become a factor 
in the sustainable development of the region's economy in 
the world, great attention is paid to scientific research aimed 
at their optimal placement and effective management. The 
article presents conclusions and recommendations on the 
organization of effective management in free economic zones, 
targeted investment in the effective use of regional potential, 
increasing export potential, improving the methodology for 
assessing the future impact on the region's economy.
Keywords:
region, free economic zone, investment 
volume, investment capacity, investment return, foreign 
investor, index, forecast.

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22
Iqtisodiyot: 
tahlillar va prognozlar
Indicator
2017 2018 2019
2020
Fiscal Deficit, % of GDP
-1.9
-2.1
-3.9 -4.5
Current Account, % of GDP
2.5
-7.1
-5.6
-5.1
Public Debt, % of GDP
19.5
29.2
30.8
40.4
Real GDP growth, %
5.3
5.1
5.6
1.6
Inflation rate, %
13.9
17.5
14.5
11.
0
Twin Deficit Hypothesis: 
An Empirical Study in Uzbekistan
 Bekhzod MADJIDOV,
Leading Researcher Institute for Forecasting and Macroeconomic Research under the 
Ministry of Economic Development and Poverty Reduction of the Republic of Uzbekistan,
E-mail: 
[e-mail],
Nurbek OMONOV,
Senior Researcher Institute for Forecasting and Macroeconomic Research under the 
Ministry of Economic Development and Poverty Reduction of the Republic of Uzbekistan,
E-mail:
 
[e-mail]
Maintaining sustainable budget deficits (or 
fiscal deficits) plays an important role in ensuring 
macroeconomic stability. The macroeconomic theory 
which assumes a positive relationship between 
government budget deficits and current account 
deficits is known as twin deficit hypothesis. Many 
researchers have theoretically and empirically tested 
the phenomenon and most of them have concluded that 
budget deficits lead to current account deficits [1].
In Uzbekistan, there has been a steady increase 
in fiscal deficit and public debt over the past 4 years. 
Fiscal deficit on average rose from -1.9% of GDP in 
2017, to -4.5% of GDP in 2020. From 2017 to 2020 
public debt grew from 19.5 percent of GDP to 40.4 
percent, on average by 7.2% per year (Table 1).
It can be explained that loans have been attracted 
from international organizations to fund government 
development programs in key sectors of the economy. 
In addition, the crisis caused by COVID-19 pandemic 
in 2020 dramatically worsened the current state budget.