Kazakhstan is set to remain the safest country in central Asia, and as the economy diversifies away from hydrocarbon and mineral reserves, it could soon precede Russia in the Euromoney Country Risk rankings.
Economic diversification, banking sector reform and rising FDI inflows have tracked Kazakhstan’s rise to prominence in the Euromoney Country Risk (ECR) global rankings during the past year.
Kazakhstan was one of the best performers in the survey in the second quarter, after climbing four places.
With a global rank of 75, the sovereign remains central Asia’s safest-investment destination and could soon outflank Russia in the global risk rankings if conditions persist.
Indeed, Kazakhstan is considered more politically stable and structurally advanced than Russia, while both countries share similar economic fundamentals, according to contributing economists (see graph below).