Kazakhstan among world’s top 50 economically free countries
Kazakhstan has gained 69 points out of 100 (the maximum Index of Economic Freedom ranking). Compared to the last year, the country’s economic freedom index 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 ranked the 69th. Today, thanks to the success in domestic economy, Kazakhstan managed to bypass such countries as Poland, Romania, Belgium and Turkey. Poland occupies the 45th line in the ranking.
The authors of the rating assess economies based on ten indicators, such as property rights guarantee, freedom from corruption, fiscal freedom, trade freedom, government size/spending, business freedom, labour freedom, monetary freedom, investment freedom and financial freedom.
Analysts positively assessed Kazakhstan almost in all indicators, except for labor market freedom and financial freedom.
Experts link the growth to the fact that Kazakhstan has received a significant benefit from the policy of openness and flexibility of 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. Privatization of the bank, introduction of competitive tax rates and trade regime modernization were named as favorable reforms.
In addition, analysts say that Kazakhstan has taken a number of measures for ensuring 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," the Heritage Foundation says.
Russia has also significantly improved its indicator, having risen at once by 39 spots and ranking now the114th. The research shows that Russian economy suffers from growth of inflationary pressures, as well as widespread corruption and lack of property rights protection.
Belarus stands the 104th in the ranking. 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. Meanwhile, the government’s intervention in business and control hamper the economy.
For reference:
The Heritage Foundation is a strategic research institute of the United States, which is engaged in a wide range of studies of international politics. It was founded in 1973. The institute declared the idea to build a statistical model of society and to provide the public with access to it. The Foundation publishes a number of analytical studies. The most famous are the annual "Index of Economic Freedom", "Political experts 2000" and "Mandate for Leadership."
