Kazakhstan remains strong in 2020 IMD World Competitiveness Ranking

Kazakhstan remained in a position of strength on the 2020 IMD World Competitiveness Ranking. The benchmark quantifies the hard and soft economic and social attributes that uniquely pave a nation’s road to prosperity. For those who’ve followed Kazakhstan’s progress and modernisations, inclusion in the annual benchmark among the 62 qualified countries is not unexpected. 

For those taking a fresh look at Kazakhstan, it should command notice that the Republic is ranked above several economic majors: Italy, the EU’s third largest economy; Brazil, South America’s largest economy; India, the world’s largest democracy and consumer market; South Africa, Africa’s third largest economic engine; Russia, and Turkey. In fact, Kazakhstan ranks higher in 2020 than six of South America’s top seven economies as measured by GDP. 

President Tokayev was elected one year ago on a platform of social and political reforms, and a reliable continuation of the economic and investment policies that have made Kazakhstan the most attractive FDI destination in Central Asia over the last thirty years. The president ended 2019 with a flurry of announcements to hem the social fabric, bolster the social safety net and create a “culture of opposition” in the political sphere. 

One year later, President Tokayev has made good on his words.  Laws are in place that make it easier for citizens’ voices to be heard (especially young people , to be involved at the grassroots, and to peacefully assemble in public places. New statutes require that at least 30 percent of high-level, decision-making positions must be held by women. 

But not yet reflected in the data is President Tokayev’s adept and bold response to the economic and social crisis of 2020 - the US - China trade uncertainty and particularly his administration’s pandemic response, which has been touted as a model for other nations. President Tokayev has stewarded the Kazakh economy with a firm and steady hand, which has enabled Kazakhstan’s business-friendly, market liberalisation agenda and social modernisations to remain intact.