ЎЗБЕКИСТОН КАПИТАЛ БОЗОРИДАГИ ФОЙДАЛАНИЛМАЁТГАН РЕСУРСЛАР ТАҲЛИЛИ

This article analyzes financial capacity remaining outside Uzbekistan's capital market across households, the corporate sector, and state-owned enterprises. It argues that an untapped resource cannot be equated with an existing stock of cash: in some cases, it is a portion of savings allocated to other instruments; in others, it is a financing opportunity that a firm could raise through the market but that has not yet materialized. Official end-2024 data indicate that the value of free-float shares amounted to 0.29 percent of GDP. The article distinguishes market capitalization, trading volume, and primary issuance and proposes a set of verifiable indicators for quantifying potential resources. The findings show that broader market access must be accompanied by stronger investor protection and better disclosure quality.

Hali tarjima qilinmagan