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Astana, Kazakhstan • 29 June, 2023 | 10:36

Kazakhstan Ranks 37th Among World's Most Competitive Economies in 2023

The country improved its ranking from last year's 43rd place, ranking below Spain and ahead of Kuwait

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photo credit: Paul Raftery
photo credit: Paul Raftery

Kazakhstan ranks 37th among the 64 countries evaluated in the 2023 edition of the IMD World Competitiveness Rating, moving up six positions from last year’s 43rd place, QazMonitor reports.

The World Competitiveness Rating, published by the International Institute for Management Development (IMD), evaluates countries based on 336 indicators across four key categories: economic performance, government efficiency, business efficiency, and infrastructure. This assessment analyzes and ranks countries based on their capacity to create and maintain a competitive environment for their economies. The indicators include a combination of hard data, which accounts for two-thirds of the final rankings, and survey results, which contribute to the remaining third.

The authors note that 2022 was a pivotal moment in history, marked by significant geopolitical shifts across the world. Against this backdrop, the importance of effective governance and policies has grown, given the unprecedented disruptions to supply chains and increased economic volatility caused by the post-pandemic realignment and geopolitical shifts.

Kazakhstan's rise from 43rd to 37th place aligns with the average increase in competitiveness levels observed in the Ex-CIS and Central Asia region, which moved from 52nd to 49th place. In this year's report, our country has been allocated 66.11 points, ranking below Spain (67.22) and Japan (67.84) and ahead of Kuwait (65.59) and Portugal (65.54). However, this is not the highest position achieved, as our country was ranked 34th in 2019.

In a more detailed review, Kazakhstan's economic performance is evaluated at 57th place, followed by the efficiency of the government at 23rd place, business efficiency at 31st place, and the overall level of infrastructure at 47th place. The report specifically highlights the key challenges in 2023, such as the need for stimulating business activity, enhancing production potential, developing infrastructure, addressing concerns related to national food security, and improving the quality of human capital.

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