{"id":6095,"date":"2026-10-16T14:21:00","date_gmt":"2026-10-16T14:21:00","guid":{"rendered":"https:\/\/interfinance.tsue.uz\/?p=6095"},"modified":"2026-10-16T14:21:00","modified_gmt":"2026-10-16T14:21:00","slug":"fiscal-multiplier-effectiveness-and-the-impact-of-government-spending-on-economic-growth","status":"publish","type":"post","link":"https:\/\/interfinance.tsue.uz\/?p=6095","title":{"rendered":"FISCAL MULTIPLIER EFFECTIVENESS AND THE IMPACT OF GOVERNMENT SPENDING ON ECONOMIC GROWTH"},"content":{"rendered":"

Shamsiddinova Shahina G<\/em><\/strong>\u2018<\/strong>ayratovna<\/em><\/strong><\/p>\n

Student of Tashkent State University of Economics<\/em><\/p>\n

Email:<\/em>shahinashamsiddinova06@gmail.com<\/em><\/strong><\/a><\/p>\n

ORCID: 0009-0009-3620-4789<\/em><\/p>\n

Abstract<\/em><\/strong>: <\/em><\/strong>This article provides a quantitative estimate of the fiscal multiplier for the economy of Uzbekistan based on statistical data for 2019-2025. Drawing on John Maynard Keynes\u2019s theory of the marginal propensity to consume (MPC), the calculated fiscal multiplier amounted to 1.40 in 2025. It was found that, with government expenditure reaching UZS 312.7 trillion, the economy could generate approximately UZS 437.8 trillion of additional gross value added. A slight decline in the import share from 38.2% to 36.8% led to a renewed increase in the multiplier in 2025. The sectoral analysis shows that infrastructure (1.61) has the highest multiplier effect. The international comparative analysis indicates that Uzbekistan\u2019s multiplier exceeds the regional average (1.32). The study\u2019s findings include practical recommendations for optimizing fiscal policy, developing import-substituting industry, and expanding infrastructure investment.<\/em><\/p>\n

Keywords: <\/em><\/strong>fiscal multiplier, government expenditure, economic growth, marginal propensity to consume (MPC), fiscal policy, import share, infrastructure investment, gross domestic product (GDP), fiscal expansion, Keynesian theory, sectoral multiplier, macroeconomic stability, tax burden, open economy.<\/em><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Shamsiddinova Shahina G\u2018ayratovna Student of Tashkent State University of Economics Email:shahinashamsiddinova06@gmail.com ORCID: 0009-0009-3620-4789 Abstract: This article provides a quantitative estimate of the fiscal multiplier for the economy of Uzbekistan based on statistical data for 2019-2025. Drawing on John Maynard Keynes\u2019s Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79],"tags":[],"class_list":["post-6095","post","type-post","status-publish","format-standard","hentry","category-2026-5-issue-1-6"],"yoast_head":"\nFISCAL MULTIPLIER EFFECTIVENESS AND THE IMPACT OF GOVERNMENT SPENDING ON ECONOMIC GROWTH - Journal of International Finance and Accounting<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/interfinance.tsue.uz\/?p=6095\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FISCAL MULTIPLIER EFFECTIVENESS AND THE IMPACT OF GOVERNMENT SPENDING ON ECONOMIC GROWTH - Journal of International Finance and Accounting\" \/>\n<meta property=\"og:description\" content=\"Shamsiddinova Shahina G\u2018ayratovna Student of Tashkent State University of Economics Email:shahinashamsiddinova06@gmail.com ORCID: 0009-0009-3620-4789 Abstract: This article provides a quantitative estimate of the fiscal multiplier for the economy of Uzbekistan based on statistical data for 2019-2025. 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