Kazakhstan ranks high in Prosperity Index
MEW DELHI. May 18. KAZINFORM In the Legatum Prosperity Index for 2008, Kazakhstan ranks 56th followed by Russia at the 57th position. In the country profile report, Kazakhstan is described Уas the largest economy in Central Asia, with vast reserves of minerals and fossil fuels. An expanding middle class is fuelling a retail and construction boom in the cities of Astana and Almaty.Ф The country enjoys political stability since independence in 1991. The Kazakh economy has recovered from the sharp contraction that followed independence in 1991. Partly as a result of high global prices that greatly increased revenue from oil and mineral exports, growth rates have approached or exceeded 10% in every year since 2000. There is a competitive business environment created, in part, by low cost of starting a business. This, along with the impetus provided by the good mass educational achievement, fosters an entrepreneurial spirit. Movements in relative price levels also suggest a degree of competitiveness in domestic markets, as testified to by the good ratio for consumer to wholesale prices. The Legatum Prosperity Index is an annual ranking, developed by the Legatum Institute, of 104 countries according to a variety of factors including wealth, economic growth, personal wellbeing, and quality of life. In 2008, the index is led by Australia followed by Austria, Finland and Germany. The last position of the top five belongs to Singapore, press serive of the Kazkh embassy in New Delhi informs.