Economic activity in Kazakhstan is projected to recover to its pre-pandemic level by end, with growth of 3. Growth will be supported by the resumption of domestic activity, a supportive fiscal stance, and the rollout of vaccines. Kazakhstan has a land area equal to that of Western Europe but one of the lowest population densities globally. Strategically, it links the large and fast-growing markets of China and South Asia with those of Russia and Western Europe by road, rail, and a port on the Caspian Sea.
Since independence in , Kazakhstan has experienced remarkable economic performance. Rapid growth, fueled by structural reforms, abundant hydrocarbon resources, strong domestic demand, and foreign direct investment FDI , has helped reduce poverty and transform the country into an upper-middle-income economy.
To further support a strong, sustainable, and inclusive economic recovery, the authorities need to advance structural reforms while dealing effectively with the pandemic. The policy imperatives are multifold.
The first is to diversify the economic base by improving the competitiveness of the non-extractive sectors, including through reforms in the financial sector. The second priority is to limit the outsized role of state-owned enterprises, enhance competition, and create a level-playing field for the private sector.
The third priority is to improve the quality and progressivity of public spending to address inequality. Finally, it would be essential to strengthen public sector institutions and reinforce the rule of law to attract much-needed investment in the non-extractive sector. The partnership between Kazakhstan and the World Bank Group WBG is outlined in the Country Partnership Framework CPF , developed in consultation with counterparts and civil society to guide a new investment program and quality technical assistance to the Government for — Over the years, the program has proven to be an innovative solution, with a client-driven knowledge agenda and Bank-selected work, bringing in and building up international experience.
The areas of focus and scope of the economic research program are determined by the Government in consultation with the World Bank.
The high-level brainstorming sessions, co-chaired by the prime minister, have become a highlight of the JERP. These forums make use of the Bank's technical expertise and international experience to build capacity in reform formulation and implementation. The notable comparative advantages that the Bank brings to the JERP include the ability to draw on a global network to find best practice examples and an outside neutrality that is critical to proposing changes and navigating political land mines.
The current JERP program is focused on support for development of the new Agglomeration Law, capacity building on economic modeling for policy analysis, and a framework for reform implementation. The scope of the RAS Annual Program for FY22 will be further negotiated in the event that adjustments to the potential support are needed. The economy is bouncing back from its pandemic-driven decline in GDP expanded by 0.
In a short historical term - from the moment of gaining independence in GDP per capita has increased by 16 times - from to 12 US dollars, which is a phenomenal result even in comparison with swiftly developing southeast countries — so-called "tigers". Today, a multi-party system and more than 5, non-governmental organizations function in the country, reflecting political plurality and commitment to social stability.
People from more than ethnic groups and 40 different religious denominations live peacefully with each other in Kazakhstan, and none are discriminated against or abused. To support the reopening of businesses and education, more efforts are needed to help people overcome their hesitation toward getting the COVID vaccine. But progress in structural reforms will be essential to sustain growth in the medium term.
The new National Development Plan — and the new Environmental Code are significant initiatives that enable Kazakhstan to promote more inclusive and greener development. Kazakhstan also made an important pledge as part of the global effort to address climate change: to reach carbon neutrality by Operationalizing these initiatives requires stronger policy coordination, better public administration, improved effectiveness and results in public budgeting, reduced market distortion, and a level playing field for the private sector—all of which are longstanding reform issues for Kazakhstan.
The Kazakhstan Economic Update includes findings on factors affecting slow productivity growth among Kazakhstan firms , one of the country's critical development challenges. Productivity matters for sustaining long-term growth and improving standards of living. Learn More — Download the full report.
In-depth Analysis and Recommendations. Kazakhstan has embarked upon an ambitious reform agenda to realise its aspiration of becoming one of the top 30 global economies by To sustain economic progress, overcome recent difficulties, and drive improvements in well-being to realise its aspirations, Kazakhstan will need to address a number of challenges to ensure its economy becomes more productive and diverse, and is sufficiently flexible and resilient in the face of an ever-shifting external environment.
This next stage of economic transformation will require continuing reforms. This report discusses policy actions to address four key obstacles to development in Kazakhstan, identified in Volume 1 of this review. Read the Executive Summary.
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