O‘ZBEKISTONDA YASHIRIN IQTISODIYOTNING INSTITUTSIONAL DETERMINANTLARI VA MAKROIQTISODIY IMPLIKATSIYALARI

The paper provides a comprehensive analysis of the institutional determinants and macroeconomic effects of the shadow economy in Uzbekistan. By integrating official statistics, international assessments, the regulatory framework, and contemporary theoretical approaches, the shadow economy is interpreted as a multi-layered phenomenon associated with fiscal pressure, regulatory complexity, governance quality, corruption, cash-based transactions, and deficits of social trust. The study reveals the scale of the unobserved economy, its uneven sectoral distribution, and its interaction with the formal sector. It is argued that an effective policy should combine control measures with stronger incentives for formalisation, deeper digitalisation, and enhanced institutional transparency.

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