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Economy Of Kazakhstan Essay

1942 Words8 Pages

CONCEPT NOTE ON KAZAKHSTAN
Introduction-
The level of importance on the improvement in the quality of life of the people has made it absolutely necessary to highlight the distinctions between Economic Growth and Economic Development.
Economic growth is a pure economic process whereby there is an increase in the economy’s GNP due to the increase in the productive capacity of the economy. Economic development, on the other hand, is a multi-dimensional process involving major changes in the social structures, popular attitudes and national institutions, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.
Economic growth is quantitative in nature and it is measured in terms of the …show more content…

The country has got a population of 17.7 million, among which 32% of population is dependent. Kazakhstan has an abundant supply of accessible mineral and fossil fuel resources like Crude Oil, Natural Gas, Potassium, Uranium, Chromium, Lead, Zinc, Manganese reserves, Copper, Coal, Iron, Gold, and Diamonds. The economy of Kazakhstan is mainly dependent on the extraction and export of these natural resources. Kazakhstan, a principal energy producer achieved rapid growth of more than 9% annually in the period of 2002-2004 is because of the high international prices of natural resources provided robust growth in 2005 that kind of market situation helped a newly independent country to take its economy on the path of development. Extractive industries have been and will continue to be the engine of Kazakhstan’s growth, although the country is aggressively diversification strategies so as to not depend on natural resources for the revenue. The Human Development Index of Kazakhstan is 0.754 which is extremely good and they are ranked as 69TH among 209 countries in the world. GDP of Kazakhstan sector wise, only 5% accounts for agriculture, 37.9% industry and 56.9% service sector. The labour force distribution in agriculture is 25.8%, industry is 11.9%, and service accounts for …show more content…

1991- Break away from Soviet block
2. The liberalization of economy during 1995-97 by the Kazakh government resulted in a substantial shifting of assets into the private sector, which in turn brought investment into the country, so in fact the breakup of Kazakh from soviet bloc didn’t affect the country much.

The abundance of oil and natural resources made Kazakhstan an important exporter in world energy markets. Over the past 2 decades, country’s sole revenue is from oil exports which are not a good sign for an economy. So as not to fully dependent on oil for revenue the Kazakh government has formulated plans to depend upon other industries, agriculture and service sectors. The Kazakhstan strategic aspiration is to become a modern, diversified economy with a high value added and high tech component, well integrated in to the global economy. The energy sector is only considered as first step to achieve the goal.

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