Kazakhstan maintains its position in Global Competitiveness Index rankings

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18 October, 2018, 16:49 532
Kazakhstan maintains its position in Global Competitiveness Index rankings

Following the index's calculations, Kazakhstan ranks 59th from 140 states. 

 

The World Economic Forum has published annual rankings of the Global Competitiveness Report 2018-2019, with Kazakhstan ranking 59th, BNews.kz correspondent reports. 

"Following the index, Kazakhstan ranks 59th from 140 states, that is similar to the 2017 position. Of note, the rankings have been significantly re-calculated, it is quite difficult to directly compare the rankings of the last year and this year. Over 70% of indicators have been updated," Kazakh Minister of National Economy Timur Suleimenoiv said at a press conference in the government. 

Following the rankings, out of 12 factors of competitiveness, 5 pillars have been improved ('Institutions' +12, 'Market for goods' +10, 'Infrastructure' +3, 'Labour market', 'Financial system').

"The decrease is observed in 4 pillars- 'Skills', 'Health', 'Business Dynamism', Macroeconomic stability". The comparison of these indicators reveals that 12 positions have increased and 4 decreased, and the three positions have remained the same. It is noteworthy that Kazakhstan ranks first in the world in the following pillars: 'Shareholders' right', 'Integrity and relevance of legal framework applicable to liquidation and re-organization procedures', 'Electrification rate'," said the Minister.  

In addition, according to Suleimenov, Kazakhstan takes the 7th place in 'Cost required to start a business', and the 11th place in the regulation of a conflict of interests. Also one should note that our state surpasses the states with the same economic development level.

"As for the competitiveness rankings as a whole, the top-4 remains the same, they are the USA, Singapore, Germany, Switzerland. Russia leads compared to other CIS states and takes the 43rd place, followed by our state, Georgia, Azerbaijan, Armenia, Ukraine, Kyrgyzstan, Tajikistan. In terms of the score, Kazakhstan has 61.8 scores improving its position by 0.7 scores compared to 2017," said the head of the National Economy. 

In general, the World Economic Forum has defined such pillars as 'Labour market' (30th) and 'Business Dynamism' (37th) as Kazakhstan's competitive advantages.

The following pillars: 'ICT', 'Education and skills', 'Market of goods', 'Institutions', 'Macroeconomic stability', 'Infrastructure' iфку estimated as medium. 

"At the same time, in terms of the pillars relating to the financial system, Kazakhstan takes the 100th place, health - 97th, innovation potential - 87, which are the weakest pillars of Kazakhstan in the rankings. Of note, the government has already a number of concrete actions to eliminate the gap," said Timur Suleimenov.