The Fusion of Digital Technologies in Small Business for Ensuring the Socio-Economic Development: Panel Data Analysis

Abstract

This paper analyzes the development of the activities of small business entities through the fusion of digital technologies in ensuring the social and economic development of Uzbekistan, its significant aspects in the development of the country’s economy. In Uzbekistan the economic, social and legal levels of small business entities in organizing their activities through digital technologies were determined. 5 directions of its economic and social support were analyzed based on today's policy, and the advantage of using the digital economy in the activities of small business entities compared to large enterprises was determined. The research employs a confluence of descriptive statistics, panel data regression models, and time-series analysis to unravel the intricate correlation matrix that binds various dimensions of investment outcomes within the country's distinct economic climate. A conclusion was made based on the results of the study of the main economic development indicators of the development of small business entities through digital technologies. In assessing the effectiveness of the development of the activities of small business entities through digital technologies, the effectiveness of digitalization on the activities of small business entities was determined using the Cobb-Douglas production function. Proposals and recommendations were developed according to the forecasting results.