WAYS TO ACHIEVE ECONOMIC STABILITY THROUGH THE DEVELOPMENT OF INNOVATIVE ACTIVITY: THE EXAMPLE OF KHORAZM REGION
DOI:
https://doi.org/10.47390/SPR1342V4I11Y2024N16Keywords:
Innovation, Economic growth, Economy, gross regional product, investment, Innovative activity.Abstract
In this study, the relationship between the costs of innovative activities and the gross regional product (GRP) was analyzed in the case of Khorezm region. A one-factor linear regression model was used based on data for 2010-2023. The results of the study showed that a 1% increase in innovation spending increased regional gross product by an average of 0.515%. The regression coefficient was confirmed to be positive and statistically significant with a value of P < 0.001. The explanatory power of the model is high, expressed by R² = 0.8763. Breusch-Pagan and Breusch-Godfrey tests revealed no heteroskedasticity and autocorrelation. Also, according to the Shapiro-Wilk test, the model errors are normally distributed. This study provides important recommendations for policy development to increase innovation investment and support development.
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