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Uzbekistan improves position in Index of Economic Freedom, still lags behind its neighbours

Uzbekistan has improved its position in the Index of Economic Freedom compiled by the Heritage Foundation Research Institute.

The country`s economic freedom score is 58.3, making its economy the 108th freest in the 2021 Index. Its overall score has increased by 1.1 points, primarily because of an improvement in judicial effectiveness. Uzbekistan is ranked 21st among 40 countries in the Asia–Pacific region, and its overall score is below the regional and world averages.

Kazakhstan has the best indicator among the Central Asian countries (34). According to experts, the economy in Kyrgyzstan is also freer (78).

The Uzbek economy remained mostly unfree this year. In 2020, however, the government announced a new development strategy that includes reforming state institutions, securing the rule of law, reforming the judiciary, strengthening the banking and financial sectors, and other improvements such as reducing state regulation and assuring property rights to attract investment. If it proves successful, Uzbekistan could one day join the ranks of the moderately free.

Analysts note that the judicial system has undergone some improvements, nevertheless, state interference and corruption are still common, and bribery is widespread.

Another area that requires reforms is international trade. According to experts, tariff and non-tariff barriers greatly hinder development, the country is still not a member of the WTO.

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