THE IMPACT OF THE STOCK MARKET ON THE SUSTAINABLE DEVELOPMENT OF THE NATIONAL ECONOMY OF UZBEKISTAN

The development of Uzbekistan's stock market and its impact on the sustainable development of the national economy are examined, with particular emphasis on the financial-sector reforms implemented since 2017. As part of the broader liberalization process, particular attention has been given to strengthening the capital market, centered on the Tashkent Stock Exchange, as a mechanism for mobilizing domestic and foreign investment, diversifying enterprise financing sources beyond the banking sector, and supporting long-term sustainable economic growth. A significant milestone in this process was the admission in May 2026 of the National Investment Fund of the Republic of Uzbekistan (UzNIF), established by the Government of Uzbekistan in 2024 and managed by Franklin Templeton, to trading on the London Stock Exchange through global depositary receipts, alongside the simultaneous listing of its ordinary shares on the Tashkent Stock Exchange. The offering raised USD 603.6 million at a valuation of approximately USD 1.95 billion. The relationship between key indicators of stock market development – market capitalization, trading volume, the number of listed companies, and foreign portfolio investment – and indicators of sustainable economic development, including GDP growth, gross fixed capital formation, and economic diversification aimed at reducing dependence on raw materials, is investigated. Time-series data for the period following the 2017 liberalization reforms are analyzed using descriptive statistical, correlation, and regression methods, complemented by a case-study assessment of the UzNIF IPO. The findings indicate that, although Uzbekistan's stock market remains at an early stage of development relative to regional markets, the UzNIF listing has created new opportunities for attracting global institutional capital. Based on the findings, scientific and practical recommendations are developed for further strengthening capital market institutions, improving corporate governance and disclosure standards, attracting long-term institutional investment, and enhancing the stock market's contribution to the sustainable development of the national economy.