Analysis of the Factors Affecting the Economic Competitiveness of the Khorezm Region

This study examines the key factors influencing the economic competitiveness of the Khorezm Region over the period 2010-2024, emphasizing the region’s ability to sustain growth in income, productivity, and employment under increasing economic integration. Using real income per capita as a proxy for competitiveness, the analysis evaluates the impact of gross fixed capital formation, foreign direct investment, infrastructure development, human capital, healthcare capacity, financial development, and investment growth. To ensure robust results, the study applies advanced panel econometric techniques, including cross-sectional dependency tests, unit root analysis, Driscoll-Kraay standard errors, Feasible Generalized Least Squares (FGLS), and Panel Corrected Standard Errors (PCSE). The findings highlight that capital accumulation, infrastructure expansion, financial development, and improvements in human capital significantly enhance regional economic performance, underscoring the importance of coordinated structural and investment policies to strengthen the Khorezm Region’s long-term competitiveness.