Kazakhstan entered top 50 economically free countries in the world
Astana. 17 February. Kazakhstan Today - 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 governmentИs 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."
Source: The Prime Minister of Kazakhstan Official website
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
relevant news
Kazakhstan turns to high-value added manufacturing with building polyethylene plant it Atyrau region
The Head of State has identified deep processing of hydrocarbons as one of the key areas of development of the oil and gas sector. The priority for our economy is high conversion production producing products with a rapid increase in added value in the technological chain with an export orientation. The added value between the initial feedstock ethane and the third conversion product polyethylene increases 20 times, from $80-90 to $1600-1800 per tonne. The Polyethylene project will certainly give a serious impetus to the development of both the manufacturing industry and the country's economy as a whole. According to experts' calculations, the contribution to the country's GDP by 2030 from the implementation of the project is estimated at approximately 1.2%," Olzhas Bektenov said.
We on the part of the state provide comprehensive support in the implementation of projects important for the country's economy. At the same time, we expect you to increase the share of local content. For this purpose, it is necessary to determine the list of goods and equipment that will be mandatorily purchased from domestic producers. Special attention should be paid to training of Kazakhstani specialists and transfer of competences. It is important for us to maximise the attraction of local personnel, including for management positions in the project. We count on a similar approach in the implementation of other joint projects," Prime Minister emphasised.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Olzhas Bektenov and Head of the Sakha Republic Aysen Nikolayev discuss issues of trade and economic cooperation
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Uzbekistan and Kazakhstan launch E-Permit international cargo transportation system
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
National Bank of Kazakhstan maintains base rate at 14.75%
Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
In the current circumstances, there is still limited room for easing monetary policy. This space will begin to form with the stable reduction of the stable part of inflation," it said.
Monthly inflation slowed down in March to 0.7% after a spike in the previous month (1.1%), forming above the average historical values (0.6%). A similar dynamic is observed for the indicators of core and seasonally adjusted inflation - a significant reduction in March after a sharp acceleration in February," said the bank.
The external inflation background is neutral. The cost of food in global markets in March shows a slight increase, mainly due to rising prices for vegetable oils. Grain prices continue to decline against the background of the realization of the harvested crop in exporting countries and the uninterrupted operation of maritime trade routes," said the bank.
In the European Union, the trend towards slowing inflation continues against the backdrop of the European Central Bank's restrictive policy. Despite expectations of weaker economic growth indicators this year, the ECB remains committed to returning inflation to its target value and intends to maintain restrictive monetary and credit conditions for this purpose," said National Bank Governor Timur Suleimenov in an April 12 statement.
The Federal Reserve notes that inflation in the United States still remains high. In March, the annual inflation rate increased to 3.5%, accelerating for the second consecutive month. According to the Fed's rhetoric, the current monetary and credit conditions will continue going forward. In Russia - a key trading partner of Kazakhstan, inflation in March remained at 7.7%. According to the statement from the Russian regulator, achieving the inflation target involves a prolonged period of maintaining tight monetary and credit conditions," said Suleimenov.
Pro-inflationary risks are conditioned by the continuation of reforms in the area of regulated prices, the consequences of abnormal floods in Kazakhstan, and the uncertainty associated with the volumes of budget expenditures needed for their elimination," the bank said.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Henkel intends to develop production in Kazakhstan
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Kazakhstan and Finland: Plans to launch 11 new manufacturing projects worth 32.5 billion tenge
By 2027, the woodworking industry plans to launch approximately 11 new productions valued at 32.5 billion tenge, creating 1400 jobs", emphasized the Vice Minister.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
ADB: Kazakhstan's economy to grow 3.8% in 2024, 5.3% in 2025
The prospects for Kazakhstan’s economic development look positive in the medium term," said ADB Country Operations Head in Kazakhstan Iskandar Gulamov.
However, the economy’s dependence on commodities makes such growth volatile-so structural reforms are key to bolstering the country’s economic resilience and sustainability," he added.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
One of China's leading companies plans to implement pipe and fitting production projects in Kazakhstan
Xinxing Ductile Iron Pipes" is one of China's largest enterprises, primarily engaged in casting pipes and fittings, steel melting and rolling, developing special steel pipes, and producing cast items. It boasts the world's largest pipe manufacturing plant.
Xinxing" is an integrated metal processing enterprise with an annual output of 10 million tons of metal products and 8 million tons of steel, also producing 3 million tons of pipes with diameters ranging from 80 to 3000 mm. The company's products are widely used in the engineering and utilities sector, as well as in water supply, sewage, and heating systems.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Most viewed
19.04.2024, 12:26 Kazakhstan turns to high-value added manufacturing with building polyethylene plant it Atyrau regionKazakhstan turns to high-value added manufacturing with building polyethylene plant it Atyrau region19.04.2024, 13:44 2541Kazakh, Kyrgyz presidents hold talks in Astana19.04.2024, 11:40 14768,821, including 3,885 children from flood-hit regions staying at temporary shelters, Kazakh Emergencies Ministry19.04.2024, 09:48 991Rowers earn 34th Olympic quota for Kazakhstan
12.04.2024, 14:20 50486Kazakhstan and Finland: Plans to launch 11 new manufacturing projects worth 32.5 billion tenge12.04.2024, 15:23 50286Henkel intends to develop production in Kazakhstan12.04.2024, 13:36 50061ADB: Kazakhstan's economy to grow 3.8% in 2024, 5.3% in 202512.04.2024, 10:17 47471Astana International Forum Discussed at OECD12.04.2024, 17:25 41401Head of State Tokayev chairs republican flood control headquarters meeting
20.03.2024, 20:52 112361Baige finds renewed popularity in Kazakhstan23.03.2024, 20:39 109616Earth Hour 2024 returns by providing 60 minutes of global unity around the world, in support and celebration of the planet25.03.2024, 20:19 100886Head of State sent a telegram of congratulations to the President-elect of Indonesia25.03.2024, 18:26 99401Cyprus set to open its embassy in Kazakhstan25.03.2024, 11:16 94596Olzhas Bektenov leaving note in condolence book at Russian Embassy in Astana