Abstract
This study examines the impact of key macroeconomic factors on regional economic growth using a panel data approach. The analysis is based on data from 10 regions of Uzbekistan over the period 2019–2023. A fixed effects model was applied following the results of the Hausman test, which confirmed its suitability over alternative specifications. The findings indicate that investment and employment have a positive and statistically significant effect on economic growth, while inflation exerts a negative impact. The model demonstrates a satisfactory level of explanatory power, confirming the relevance of the selected variables. The use of panel data allows for controlling unobserved heterogeneity across regions and improves the reliability of the estimates. The results are consistent with economic theory and highlight the importance of investment-driven growth, labor market development, and macroeconomic stability. The study provides practical implications for regional economic policy, emphasizing the need for differentiated strategies across regions to ensure sustainable development.