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Kazakhstan entered top 50 economically free countries in the world

17 February 2017, 10:02
Photo: baq.kz

American research center the Heritage Foundation updated Index of Economic Freedom ranking. According to the results, Kazakhstan improved its position just a few points, ranking 42nd. At the same time overtook Russia and Belarus.

Our country has gained 69 points out of 100 (the maximum Index of Economic Freedom ranking). In comparison with the last year, Index of Economic Freedom has improved by 5.4 points at once. Today, Kazakhstan shares its 42nd place in the ranking with Jamaica and Peru.

A year ago, Kazakhstan has held 69th position. Today, thanks to the success in domestic economy, Kazakhstan managed to bypass countries such as Poland, Romania, Belgium and Turkey. Occupying 45 position, Poland crept the closest in the ranking.

The drafters of the rating assessed economies based on ten indicators, among them - the guarantee of property rights, anti-corruption, transparency and efficiency of budget spending, free trade, labor market flexibility.

Analysts have given a positive assessment on virtually all items rated, except for labor market flexibility and financial independence.

Experts attribute the growth of the fact that Kazakhstan has received a significant benefit from the policy of openness and flexibility of the economy over the past ten years. Given that the state continues to maintain its share in the key industrial enterprises, particularly in the energy sector. As an example of favorable reforms called the privatization of the bank, the introduction of competitive t ax rates, as well as the modernization of the trade regime.

In addition, analysts say that Kazakhstan has taken a number of measures for the further growth of economic freedom.

"In spite of the expansion of non-energy sector measures, the overall regulatory framework needs to be more streamlined in order to increase competitiveness," concluded in the Heritage Foundation.

Russia has also significantly improved its record, rising at once on 39 items and took 114 th place. Stock Research has shown that the Russian economy hinders growth of inflationary pressures, as well as widespread corruption and lack of protection of property rights.

Belarus took the 104th place. The experts agreed on the fact that the country has made little progress in deregulation, but more liberal economic policies during the financial year was not a priority. Thus, the government’s intervention in business and control hamper the economy.

For reference:

American research center The Heritage Foundation is Strategic Research Institute of the United States, which is engaged in a wide range of studies of international politics. It was founded in 1973. Institute declared the idea to build a statistical model of society and to provide access to its public. The Foundation publishes a number of analytical studies. The most famous are the annual "Index of Economic Freedom", "Political experts 2000", "Mandate for Leadership."

Kazakhstan entered top 50 economically free countries in the world
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Comparative analysis of Index of Economic Freedom in Kazakhstan, Russia and Belarus