Economics

National Economy Ministry commented on Kazakhstan business low rating

Photo: zen.yandex.ru
Expert Council of the Economic Research Institute JSC under the Ministry of National Economy of Kazakhstan (ERI) commented on Kazakhstan's position in the countries’ business ranking according to US News & World Report 2021, in which Kazakhstan is in 75th place out of 78 countries, Kazpravda.kz reports.

ERI experts believe that information about Kazakhstan's position in the ranking of the best countries for business cannot be used as a reliable assessment of the situation, the ERI press service says.

The US News & World Report ranking is based on survey data only. In 2021, the survey involved 17,326 respondents from 36 countries in four regions - America, Asia, Europe, the Middle East and Africa. The respondents were selected at random according to three population groups: informed elites, business leaders, and the general public.

According to experts, the results of the rating are insufficiently substantiated for several reasons:

First, the assessment is based on the associations of the respondents with a particular country.

Secondly, the respondents' answers can be influenced by various factors (mood, personal beliefs, preferences, etc.)

Thirdly, the likelihood of participation in the survey of a respondent who, in fact, does not know much about the country, or is familiar with the country on the basis of news (not only official, but also fake), is not excluded.

Fourth, representatives of only 36 countries took part in the survey on the assessment of 78 countries, which does not even cover 50% of the selection. Thus, a survey can be conducted in countries that have not been ranged, and vice versa.

Most of the authoritative ratings combine survey data with statistical data, which, as a rule, make up a larger share (WCI WEF, IMD, etc.). Leading rankings based on survey data are based on the expert opinion of respondents living in the assessed country who are directly involved in this area and are well aware of the current situation (Doing Business, Rule of Law Index, etc.).

In the leading World Bank Doing Business study on ease of doing business, Kazakhstan shows an annual improvement in its position and is included in the top thirty countries (25th out of 190 countries). This study involves local business representatives who are aware of the problems and ongoing reforms in this area.

Thus, information about Kazakhstan's position in the ranking of the best countries for business cannot be used as a reliable assessment of the situation in the country and justification for making investment decisions, the ERI concluded.

U.S. News & World Report is an American news magazine published in Washington DC. The magazine covers political and economic news, as well as articles on health and education.

20:48, 11 June 2021
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