Uzbekistan has climbed in the latest Economic Freedom Index to 140th place among 182 countries with freedom score at 53.3. Its overall score has increased by 1.8 points, led by robustly higher scores for investment freedom, labor freedom, and business freedom. Uzbekistan is ranked 36th among 43 countries in the Asia–Pacific region, and its overall score is below the regional and world averages. In 2017 Uzbekistan ranked 152th, while in 2016 was the 166th freest.
The new president has taken steps to improve ties with Uzbekistan’s neighbors and attract foreign investment by pledging to improve public administration, maintain macroeconomic stability, and reform such sectors as agriculture, finance, and banking. In September 2017, the exchange rate was liberalized and allowed to float, after which the currency depreciated by 50 percent. The country has a long history of corruption, protectionism, and government intervention in various aspects of the economy that has hampered growth. The rule of law remains very weak, damaged by a seriously deficient legal framework.
Hong Kong once again holds the title as the world’s freest economy for the 25th year in a row. Singapore is ranked second with a score of 89.4 followed by New Zealand at 84.4.
The Index of Economic Freedom is an annual index and ranking created in 1995 by The Heritage Foundation and The Wall Street Journal to measure the degree of economic freedom in the world's nations.
