THE IMPACT OF EXTERNAL DEBT, INVESTMENT ACTIVITY, AND CAPITAL FORMATION PROCESSES ON EXPORT VOLUME AND ECONOMIC GROWTH DYNAMICS IN CENTRAL ASIAN COUNTRIES
DOI:
https://doi.org/10.5281/zenodo.17507835Keywords:
export performance, Central Asia, external debt, FDI, capital formation, panel data, economic development, investment flows, trade potentialAbstract
This study analyzes the impact of external debt, foreign direct investment (FDI), gross fixed capital formation,
and debt service on export performance in five Central Asian countries — Uzbekistan, Kazakhstan, the Kyrgyz Republic,
Tajikistan, and Turkmenistan — from 1992 to 2023. Using World Bank panel data, it examines both long-run and shortrun
relationships between these macroeconomic factors and exports as a share of GDP. The findings indicate that
investment inflows, debt levels, and capital formation significantly influence export performance, offering policy insights
for enhancing competitiveness, attracting investment, and improving debt management to support sustainable economic
development in the region.
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