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Thursday, November 15th, 2018

Kazakhstan ranked first in three parameters of World Economic Forum rating – Timur Suleimenov

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The World Economic Forum officially published the annual ranking of the Global Competitiveness Index 2018�2019 on October 17.

According to the calculations of the global competitiveness index of the WEF from 140 countries, Kazakhstan occupies 59th place, which corresponds to the position of 2017. Of the 12 competitiveness factors, improvement occurred on five � Institutions (+12), Goods Market (+10), Infrastructure (+3), Labor Market (+3), Financial System (+2). On three factors, the positions have not changed � ICT, Market Size, Innovation Potential.

At the same time, Kazakhstan scored 61.8 points, having improved its position by 0.7 points in comparison with 2017, which made it possible to bypass such countries as Colombia, Turkey, and Peru.

Suleimenov emphasized that Kazakhstan ranked first in the world in terms of such parameters as shareholders’ rights in the field of corporate governance; the adequacy and integrity of the legal framework applicable to liquidation and reorganization procedures; degree of electrification (access to electricity).

In addition, Kazakhstan is in seventh place in terms of the cost of starting a business and in 11th place in regulating conflicts of interest.

It should be particularly noted that in most factors, Kazakhstan is ahead of the countries of the region and countries with comparable income levels. In comparison with countries with a similar income level, Kazakhstan has high indicators on such factors as Macroeconomic Stability, ICT, Labor Market, Market Size, Education and Skills, and Dynamic Business, said the minister.

According to the factors Institutes, Infrastructure and Commodity Market, the average indicators of Kazakhstan are equal to the average indicators of similar countries.

In comparison with the CIS countries, Kazakhstan has a competitive advantage in such factors as ICT, Macroeconomic Stability, Labor Market, Market Size and Dynamic Business. For other factors, indicators of Kazakhstan are on average equal to those of CIS countries.

In general, the World Economic Forum has identified such factors as Labor Market as the competitive advantages of Kazakhstan � 30th place and Dynamic Business � 37th place.

At the middle level, ICT (44), Market Size (45), Education and Skills (57), Commodity Market (57), Institutes (61), Macroeconomic Stability (62 ) and Infrastructure (69).

At the same time, Suleimenov indicated that the 2018 rating of the WEF was calculated according to a new format, which includes 70% of new indicators.

The methodology has changed quite a lot: 70% of the indicators have been revised. There were a variety of movements. And usually the movements were followed down. For example, Azerbaijan was 33, became 69. Therefore, it is very difficult to compare directly with the old methodology. There was a completely different calculation base, the minister believes.

As Suleimenov noted, WEF does not so often change the methodology of the global competitiveness index. The previous methodology had not changed for 14 years. The minister also proposed to consider the current rating of 2018-2019 as a new starting point of Kazakhstan in the ranking.

Source: The Prime Minister of Kazakhstan

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