Galt & Taggart Expands Into Uzbekistan Research With New Economy Report

Galt & Taggart's New Uzbekistan Report — What's Inside and Why It Matters

Galt & Taggart, the Tbilisi-headquartered investment bank, has published a new report on Uzbekistan's economy — Uzbekistan Economy – Still Unlocking Its Potential — in what it describes as an attempt to close a longstanding gap in independent, in-depth coverage of one of Central Asia's fastest-growing markets. The study covers the country's reform program, new growth drivers, sector dynamics, export structure, capital-market development and investment prospects.

The report arrives with the figures doing much of the argument. According to Galt & Taggart, Uzbekistan's economy has expanded by an average of 6.6% a year since the 2017 liberalisation of the currency and the start of economic reforms, with growth reaching 7.7% in 2025. The bank forecasts growth of 7.5% for 2026. It also reports that real wages have risen 82% since 2017, that poverty measured at the $3-a-day threshold has fallen to 2.3%, and that industry's share of the economy has nearly doubled — to 20.8% in 2025 from 10.4% in 2010 — making it the country's largest sector. Government debt stood at 31.9% of GDP at the end of 2025, well below the 60% legal ceiling.

The move is part of a deliberate strategy to take Galt & Taggart's research franchise beyond Georgia. Chief Executive Giorgi KupraShvili said the publication supports the bank's position as a leading investment bank in the Caucasus and Central Asia, while research head Eva Bochorishvili said future coverage will be extended to other countries in the region. The push builds on recent recognition: Euromoney named Galt & Taggart the best research provider in Georgia in 2026, and Global Finance awarded it the best investment bank in Georgia.

Why Uzbekistan Research Is a Strategic Bet for Galt & Taggart

Why Galt & Taggart Is Moving Beyond Georgia

The report reads as a franchise-building exercise rather than a one-off academic product. The firm's own statements — from the CEO and the research head — explicitly link the publication to its regional standing and to future expansion into other countries. That makes strategic sense for a mid-sized regional investment bank: in markets such as Uzbekistan, where independent analytical coverage is thin, a credible locally based research provider can become the first stop for international investors, which in turn feeds advisory and capital markets mandates.

What the Numbers Do — and Don't — Establish

The figures Galt & Taggart cites — 6.6% average annual growth since 2017, 7.7% in 2025, a 7.5% forecast for 2026, real wages up 82%, $3-day poverty at 2.3%, industry at 20.8% of output and government debt at 31.9% of GDP — are company-published and not independently verified, so they should be treated as the bank's analytical read rather than official statistics. Even so, they are internally consistent with the story Uzbekistan has been telling since the 2017 currency liberalisation: faster growth, industrialisation, falling poverty and fiscal restraint. The low debt ratio is the most consequential number, because it gives the government room to finance further reforms without breaching its own 60% ceiling.

What It Means for Competition in Central Asian Research

Galt & Taggart is effectively testing whether the research credibility it has built in Georgia — reflected in the Euromoney and Global Finance awards — can be exported regionally. The main competitive risk is not from Tbilisi peers but from global banks and regional brokers that may deepen their own Uzbekistan coverage as foreign investor interest grows. The award recognition gives the firm a reputational head start, but the report itself is the actual product on which its credentials will be judged.

Where the Investment Case Goes From Here

For international investors, the practical value of the report is that it provides a baseline for due diligence on a market that remains under-analysed. For Galt & Taggart, success will be measured not by the report's publication but by whether it converts into mandates — capital raising, M&A advisory or brokerage relationships with the asset managers and financial institutions named in the announcement as the intended audience.

What Investors Should Watch in Uzbekistan's Growth Story

For institutional investors, asset managers and financial institutions assessing Uzbekistan, the report offers a concrete starting point for due diligence. The questions worth pressing on:

• Growth durability: Galt & Taggart's 7.5% projection for 2026 depends on the reform momentum that has driven average growth of 6.6% since 2017. Track quarterly GDP prints against that forecast.
• Fiscal headroom: With government debt at 31.9% of GDP against a 60% legal limit, Uzbekistan has room to fund infrastructure without breaching its own ceiling — a factor in sovereign risk assessment.
• Structural shift: Industry has doubled its share of the economy to 20.8% since 2010. The key due-diligence question is whether that reflects export-oriented manufacturing or import substitution.
• Social indicators as reform proof: Real wages up 82% and $3-day poverty at 2.3% are early evidence that the 2017 liberalisation delivered household income gains, but should be checked against national statistics before being used in investment models.
• Coverage gap as opportunity: Because independent analysis of Uzbekistan remains thin, early investors and the firms advising them may benefit from an information advantage — a rationale for reading the report before consensus catches up.