Uzbekistan has improved its position in the updated Index of Economic Freedom 2023 ranking, Heritage.org reports.
The country was placed 109th place among 176 countries in the world with 56.5 points (+0.8 points compared to last year) and rose by 8 places compared to last year.
It showed positive changes in 7 out of 12 indicators and negative changes in 5.
Positive changes were monitored in the following groups:
- Government Integrity (+1.1 points);
- Tax Burden (+2 points);
- Labor freedom (+0.1 points);
- Monetary freedom (+2.3 points);
- Trade Freedom (+0.4);
- Investment Freedom (+10 points);
- Financial Freedom (+10 points).
After many years of economic stagnation, Uzbekistan has been pursuing a policy of openness and modernization aimed at ensuring economic freedom.
At the same time, Uzbekistan's Property Rights (-0.7 points), Judicial Effectiveness (-0.1 points), Government Spending (-3.2 points), Fiscal Health (-11.3 points), and Business Freedom sectors (- 0.2 points) went down in indicators.
Based on the report, law supremacy factors (Property Rights, Judicial Effectiveness, and Government Integrity) are lower than the world average and important reforms are needed to improve it.
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