Kazakhstan

'Aha' moments: On the ground in Kazakhstan with the private sector

By Yomna Mohei Eldin

Kazakhstan is one of the least densely populated countries in the world. It has an area roughly equal to that of all of Western Europe and a population of 19 million – around that of the Netherlands. Kazakhstan became Independent in 1991 after the fall of the Soviet Union and shortly thereafter experienced an oil boom. The global commodity super-cycle ended in 2014, and oil prices fell. Kazakhstan’s unique socioeconomic history and its vulnerability to commodity price shocks...

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Student Stories: Tackling Transportation Infrastructure in Kazakhstan

Yomna Mohei EldinYomna Mohei Eldin is a second-year MPA/ID student at Harvard Kennedy School. Se was accepted into the Growth Lab's 2022 Summer Internship Program and contributed to our policy engagement in Kazakhstan where our research aims to identify and prioritize investment opportunities and policy options to drive sustainable economic growth and diversification.... Read more about Student Stories: Tackling Transportation Infrastructure in Kazakhstan

Hausmann, R., et al., 2011. Growth and Competitiveness in Kazakhstan: Issues and Priorities in the Areas of Macroeconomic, Industrial, Trade and Institutional Development Policies.Abstract

Kazakhstan has achieved many of its goals and faces enormous opportunities. It has been able to transform itself into a market economy, thus unleashing the productive capacity of its citizens and creating the conditions for the country to benefit from international trade and investment. In addition, it has discovered large quantities of oil reserves that will allow it to sustain a tripling of oil production in the next two decades.

Under these conditions, the recent performance of the economy has been characterized by rapid growth with declining unemployment. The economy has been propped up by increased fiscal spending and by private investment. Macroeconomic management has been prudent in the sense that inflation has been kept low, the government has accumulated significant fiscal savings in the National Fund and the Central Bank has built up a significant stock of international reserves. The question is how to make this situation last over the medium and long term and how to make the economy resilient to the shocks that may come.

This report is a collection of policy memos that deal with the choices the government faces going forward in the broad area of macroeconomic policies, including fiscal policy and institutions, monetary and exchange rate arrangements and policies, financial policies, industrial policy, trade policy and broad issues in institutional development.

Sustainable and Inclusive Growth in Kazakhstan

The aim of the project is to advance research towards proposing policies to boost economic growth and development in Kazakhstan, with particular emphasis on reducing socioeconomic inequalities.