Uzbekistan raises its position in Index of Economic Freedom 2021
BAKU, Azerbaijan, Mar. 4
By Klavdiya Romakayeva - Trend:
Uzbekistan secured the 108th spot in the Index of Economic Freedom, having risen by six positions compared to last year, Trend reports referring to the Index of Economic Freedom 2021 compiled by the experts of Heritage Foundation in partnership with The Wall Street Journal.
According to the information, the average score, calculated on 12 indicators index of economic freedom, in Uzbekistan in 2020 amounted to 58.3 percent, increasing by 1.1 points, primarily due to an increase in the efficiency of the judicial system.
“This year, the Uzbek economy has remained largely unfree. However, in 2020, the government announced a new development strategy that includes reforms in various areas. If successful, Uzbekistan will be able to join the ranks of moderately free economies,” analysts say.
In addition, analysts point out spheres that need to be worked on, including the judicial system. It was noted that although the situation has improved in this sphere, Uzbekistan’s government interference and corruption are common, and bribery is widespread.
Another area that according to analysts requires reforms is international trade. Analysts note that tariff and non-tariff barriers greatly inhibit development, which complicates the entry of Uzbekistan into the World Trade Organization.
Furthermore, the indicators for freedom of investment and financial independence in Uzbekistan are among the lowest among all countries (20 points). At the same time, the tax burden indicators are one of the best in the rating - 92.4 points.
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