Kazakhstan's economy is 60.4 percent free, according to our 2007 assessment, which makes it the world's 75th freest economy. Its overall score is 0.8 percentage point lower than last year, partially reflecting new methodological detail. Kazakhstan is ranked 10th out of 30 countries in the Asia–Pacific region, and its overall score is just above the regional average. Kazakhstan scores highly in fiscal freedom, freedom from government, and labor freedom. The top income and corporate tax rates are a moderate 20 percent and 30 percent, respectively. The government also imposes additional taxes, however, and overall tax revenue is somewhat high as a percentage of GDP. Government expenditure is also somewhat high, although the government has gradually been privatizing businesses. Kazakhstan has a highly flexible labor system.
Kazakhstan's economy has significant shortcomings. Investment freedom, property rights, and freedom from corruption are weak. Foreign investment in virtually all sectors is restricted by exclusive barriers and bureaucratic incompetence. Government policy actively favors domestic businesses, and the weak rule of law allows for significant corruption and insecure property rights. Background:
Kazakhstan became an independent nation in 1991, following the collapse of the Soviet Union. Although Nursultan Nazarbayev prevailed in the December 2005 presidential election, political infighting continues within the ruling class. The energy sector has driven economic growth, thanks to an energy boom that began in 2000. China has invested billions in oil companies and pipelines to access Kazakhstan's hydrocarbon resources, and output is projected to grow from 1.2 million barrels a day in 2006 to 3.5 million barrels a day in 2020. Kazakhstan has also begun to develop financial services and light industry sectors.
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