This study develops a small Dynamic Stochastic General Equilibrium (DSGE) model tailored to the Uzbekistan economy, incorporating key external factors such as the cotton and gold sectors. Recognizing Uzbekistan’s rapid economic growth and significant capital inflows, the model integrates these dynamics to analyze macroeconomic policies and external shocks. Calibration of the model parameters is based on the latest available data, and simulations are conducted to assess the impact of various economic policies. The results indicate that capital inflows significantly influence output and investment, while shocks to the cotton and gold sectors have substantial effects on employment and inflation. This research contributes to the understanding of Uzbekistan’s macroeconomic framework and offers policy recommendations to sustain its growth trajectory.