Kazakhstan's Economic Freedom Soars to 39th Globally in 2020
Kazakhstan has made significant strides in economic freedom, ranking 39th globally in the 2020 Index of Economic Freedom. This marks a substantial improvement from the previous year, with the country climbing 20 positions in the rankings.
The Index of Economic Freedom, a composite indicator published annually by the Heritage Foundation, evaluates countries based on factors such as fiscal stability, property rights, and business freedom. Kazakhstan's notable improvements in these areas contributed to its impressive rise in the rankings.
In 2020, Kazakhstan outperformed its neighbour Russia, which ranked 94th, demonstrating a more favourable environment for economic freedom. Other Central Asian countries also lagged behind, with Uzbekistan at 114th, Belarus at 88th, and Kyrgyzstan at 81st. Meanwhile, the top five spots were held by Singapore, Hong Kong, New Zealand, Australia, and Switzerland.
Despite these advancements, Kazakhstan maintained stable scores in investment freedom and financial sector freedom.
Kazakhstan's significant improvement in the 2020 Index of Economic Freedom reflects a positive shift in its economic policies. With enhancements in fiscal stability, property rights, and business freedom, the country is poised to attract more investment and foster economic growth. However, continued efforts are needed to further boost its ranking and close the gap with the world's most economically free nations.
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