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Kazakhstan rose to 42nd place in ranking of economically free world countries

by February 17, 2017 Market

Kazakhstan scored 69 points out of 100 (the maximum rating of country’s economic freedom) possible. In comparison with last year the index of the economic freedom has improved by 5.4 points at once. Today, Kazakhstan shares its 42nd place with Jamaica and Peru, while overtaking Russia and Belarus.

According to the information, a year ago in the ranking Kazakhstan held the 69th position. Nowadays thanks to the success in the domestic economy Kazakhstan managed to bypass such countries as Poland, Romania, Belgium and Turkey. Poland is near occupying the 45th position.

We note that analysts gave a positive assessment on virtually all items rated, except for labor market flexibility and financial independence. The drafters of the rating assessed the 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.

“Experts explain the growth: Kazakhstan has received a significant benefit from the policy of transparency 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 there is the privatization of the bank, the introduction of competitive tax rates, as well as the modernization of the trade regime”, the message reads.

In addition, the analysts say that Kazakhstan has taken a number of measures for the further growth of the economic freedom. Despite measures to increase the non-energy sector, the overall regulatory framework needs to be more streamlined in order to improve the competitiveness.

Source: Kazakhtan 2050