Factors of economic development in Russia, Uzbekistan, and Tajikistan

The article examines investment, inflation and labour migration as key factors of sustainable economic development in Russia, Uzbekistan and Tajikistan. The relevance of the study is determined by the fact that, despite a common post-Soviet institutional background, these countries demonstrate different structures of growth sources, different degrees of dependence on external markets and unequal resilience to macroeconomic and social shocks. The research problem lies in the fact that sustainability is often interpreted through isolated growth indicators, while in reality it is shaped by a combination of interrelated factors, including investment activity, price dynamics and migration processes. The purpose of the paper is to identify, compare and interpret the role of investment, inflation and labour migration in ensuring sustainable economic development in the three countries under consideration. The methodological basis includes comparative, structural-dynamic and institutional approaches; the paper relies on analysis of contemporary academic literature devoted to investment sustainability, macro-financial adaptation and international migration in post-Soviet and Central Asian contexts. It is shown that in Russia sustainability depends primarily on investment-based modernization and the balance between price stability and long-term financing; in Uzbekistan it is associated with the effectiveness of institutional reforms and the consolidation of investment growth in productive sectors; in Tajikistan it depends on reducing reliance on migration transfers while strengthening the domestic investment base. The paper concludes that no universal model of sustainable growth policy can be applied to all three countries, and that public regulation should take into account country-specific combinations of internal accumulation sources, inflation constraints and labour-market interdependence.