Economics

Kazakhstan improves indicators in annual WB survey

Photo: Kazpravda.kz/Adilbek Tauekelov
Kazakhstan has improved its indicators in the World Bank's annual research "Worldwide Government Indicators", Kazpravda.kz reports.

The WGI is a comprehensive study by the World Bank Group that measures the world's performance in quality and governance.

In the updated report, Kazakhstan showed improvement in 5 out of 6 indicators:

1. efficiency of the Government's work;

2. the quality of the regulatory climate;

3. political stability;

4. the rule of law;

5. fight against corruption.

“The World Bank commended the Government's consistent work to strengthen government institutions, improve their efficiency, transparency and predictability. According to the study, the government's performance has improved due to improved performance in the quality of the government apparatus and stability in political and economic policies, as well as satisfaction of the population with the provision of basic public services (transport, infrastructure), "the report says.

It is noted that in terms of the quality of the regulatory climate, Kazakhstan has been showing the best results in several years in comparison with the other five indicators. In 2019, Kazakhstan improved its position through effective measures to reduce the risks of doing business for foreign investors.

The WB also noted the improvement of indicators of political stability in the country due to ensuring the continuity of power, as well as the absence of internal and external conflicts.

In terms of the rule of law, progress has been made through the development of an alternative dispute resolution system, law enforcement and improvements in civil and criminal laws.

The anti-corruption indicator improved due to improvements in the population perceptions of corruption sub-indicators and a decrease in corruption risks for doing business.

The WGI report is widely used by leading international financial organizations, development institutions and rating agencies to form forecasts and credit assessments of national economies.

According to the results of the study, the rating agency Fitch also noted positive dynamics in the efficiency of the Government's work, strengthening the credit rating of the national economy at the "BBB" level.

In August of this year, within large-scale revision of credit assessments of world economies caused by the pandemic, Fitch confirmed the pre-pandemic assessment of the economy of Kazakhstan at "BBB", the forecast is "stable".

The credit agency noted that the factors that made it possible to maintain the credit rating of the national economy were the low level of public debt, strengthening of state institutions, significant fiscal reserves, including in foreign currency.

In addition, despite the volatility in external markets, the Fitch noted the growth potential of the economy in both the mining and processing sectors, as well as flexibility  of the Government in shaping anti-crisis measures.

15:49, 5 October 2020
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