Kazakhstan's Improving Competitiveness Recognized by World Economic Forum

ASTANA, Kazakhstan, September 12, 2012 /PRNewswire/ --

The World Economic Forum (WEF) has ranked Kazakhstan 51^st in its latest annual competitiveness rating of world economies, up 21 places compared to last year.

The WEF Global Competitiveness Report 2012-13 says that "this improvement reflects progress in a number of areas, but most importantly in macroeconomic stability, where the country ranks 16^th, and technological readiness, where it advances from 87^th to 55^th".  

Kazakhstan's neighbors, Russia and China, are ranked 67^th and 29^th, respectively, out of 144 countries.

Commenting, Foreign Minister Kazykhanov said: "A favorable rating in an influential survey of this kind is very important for Kazakhstan's international reputation.  We are encouraged to see that our efforts to modernize the economy are viewed positively by the World Economic Forum and note that in 51^st place we are ahead of a number of EU member states.  At the same time, we take the report's recommendations seriously and intend to address them.  Our objective is to steadily improve our competitiveness and be one of the world's top 50 most competitive economies."

The WEF report notes that Kazakhstan needs to make progress in its categories of health, primary education, business sophistication and innovation.

Since independence, Kazakhstan's GDP per capita has grown 16-fold from $700 to $12,000.  GDP growth has averaged 10% per year from 1999 to 2007.  GDP grew 7.5% last year and is currently projected to grow 5.8% in 2012 and for 6% in 2013.  Per capita GDP in 2011 was US$ 11,245.

Kazakhstan was listed 47^th in the World Bank/IFC's "Doing Business 2012" report that compares regulation for domestic companies across 183 economies.

Since 1992 Kazakhstan has attracted inward foreign direct investment worth more than US$90bn, representing around 80% of all foreign direct investments in Central Asia.