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20 years of independence of Kazakhstan. Change in Economics.
Transcript of 20 years of independence of Kazakhstan. Change in Economics.
Economy of Kazakhstan
investment grade status
strengthening of the non-oil sector
Kazakhstan's economic development
During this short period the country experienced the effects of the three crises.
First systemic crisis of the USSR,
The second Asian crisis in 1998
The last, the global financial and economic crisis of 2007/08.
(cc) photo by twicepix on Flickr
(cc) photo by tudor on Flickr
was granted “market economy status” by the US and investment grade credit rating by Moody’s Investor Service;
Between 2000 and 2007 the economy grew by over 9% each year;
attracted over US $ 136 billion of Foreign Direct Investment (an estimated 80% of all FDI in Central Asia);
a decreasing unemployment rate (2003 - 8.8%, 2004 - 8.4%);
Kazakhstan's country export risks rating, moving it from the 5th to the 4th group of risks;
a stable level of inflation (2002 - 6.6%, 2003 - 6.8%, 2004 - 6.7%, 2005 - 6.6%)
First years of Kazakhstan's independence...
an economic decline (mostly due to the destabilizing force of disintegration of the Soviet Union): by 1995 real GDP dropped to 61,4% of its 1990 level;
the wide-ranging inflation;
a program of economic reform designed to establish a free market economy through privatization of state enterprises and deregulation
The Republic of Kazakhstan has made a successful transition from a planned to a market economy
Transition to the market economy
GDP of Kazakhstan
GDP rose : 9.6% in 2000, 13.2% in 2001, 9% in 2002, 9.1% in 2003, 9.3% in 2004 and according to The Economist Intelligent Unit Kazakhstan is within Top 10 world fastest-growing economies in 2005.
In 1994, Kazakhstan’s GDP per capita was slightly above 700 USD.
By January 1, 2011, it has exceeded 9,000 USD.
Kazakhstan has attracted 136 bln. US$ of foreign direct investment and comprise 30.3% of total GDP
Principal export commodities include chemicals, grain, machinery, ferrous materials, chemicals, oil and its associated products.
Main export markets are China (15.6%) and Germany (11.5%).
The latest value for Imports of goods and services in Kazakhstan was $43,267,980,000 as of 2010. Over the past 15 years, the value for this indicator has fluctuated between $49,571,130,000 in 2008 and $6,101,700,000 in 1995.
Kazakhstan imported $33.21 billion worth of goods in 2007. Main import goods were metal products, foodstuffs and machinery. The banking system of Kazakhstan is similar to those found in Central Europe.
Import and export
An average monthly salary increased from 53,000 in 2007 to 80,000 tenge (KZT) in 2010.
Overall, an average monthly salary increased by 5.5 times and the average pension increased fourfold.
We have already launched 152 enterprises, creating 24,000 jobs for the people of Kazakhstan.In total, about eight hundred different enterprises were established in the country.
Kazakhstan was one of the three countries with the fastest-growing economies in 2000-2010 (after Qatar and China) Kazakhstan ranks 47th in the World Bank’s list of “Best Countries to Do Business In” for 2012 – a leap from 58th place the previous year.
"Kazakhstan leadership’s consistent policy on effective use of national resources for the benefit of citizens, responsible and proactive policy on the international scene has earned the country high prestige worldwide. A clear evidence of this was the OSCE summit held in Astana"
Dmitry Medvedev, President of the Russian Federation.
"Over the past 19 years, the Government and the people of Kazakhstan have made great strides in protecting the country’s independence and sovereignty, promoting socio-economic development, improving people’s lives, and expanding foreign relations."
Hu Jintao, Chairman of the People’s Republic of China.
Our future goals:
Overall GDP growth will be no less than 30 percent.
The National Fund assets will comprise no less than 30 percent of the GDP.
Domestic and foreign investments in non-raw materials economy sectors will increase by at least 30 percent.
The share of small and medium-sized businesses in the GDP will comprise 40 percent.
The population will grow to 18 million people.
The share of qualified specialists will make 40 percent.
The unemployment rate will stay under 5 percent.
Labour productivity in agriculture by 2014 will increase twofold, by 2020 – fourfold.