Kazakhstan Economic Update No. 1, Spring 2015

Kazakhstan’s gross domestic product (GDP) growth slowed in 2014 because of weak demand and the fall in oil prices. Government policies were directed to mitigating the impact of lower oil prices on growth. So far labor market and poverty reduction outcomes do not seem to have been affected by the downturn, thanks to continued job creation, inter-sectoral and geographic mobility, and new employer social arrangements. The same factors that slowed growth in 2014 are also clouding the outlook for the medium term. Trade and transport services will be affected by a knock-on effect from lower mining and industrial exports. However, GDP growth is projected to recover gradually along with oil prices. Continuing the current policy mix of modest fiscal expansion and tight monetary policy will not boost the economy; for the medium term a more neutral monetary policy stance and a more flexible exchange rate regime will more sustainably support growth.

Bibliographic Details

Main Author:	World Bank
Format:	Report biblioteca
Language:	English en_US
Published:	Washington, DC 2015-05
Subjects:	AUCTION, LIVING STANDARDS, MONETARY POLICY, DEFICIT, HOLDING, GOVERNMENT EXPENDITURES, OIL PRICE, NPL, DEPOSITS, STOCK, FISCAL DEFICITS, MARKET DEVELOPMENTS, REPO, INTEREST, GUARANTEES, GOVERNMENT SPENDING, INTEREST RATE, PROPERTY RIGHTS, EXCHANGE, ECONOMIC DEVELOPMENTS, BALANCE OF PAYMENTS, LIQUIDITY, DEVELOPING COUNTRIES, REVENUES, ENFORCEMENT SYSTEM, PORTFOLIO, FISCAL POLICY, DEVALUATION, LOAN, INVESTMENT LOANS, BORROWING PLAN, TAX, NON-PERFORMING LOANS, INCOME TAX, WEALTH EFFECT, BENEFICIARIES, ASSET POSITION, CREDITORS, INFLATION, PENSION, CREDITOR, SAFETY NETS, BUDGET, CENTRAL BANK, LIENS, LABOR MARKET, TRADE BALANCE, OIL PRICES, INDEBTEDNESS, CURRENCY, FINANCIAL INSTITUTION, SELF-REGULATION, STRATEGIC INVESTORS, CONSUMER CREDIT, PORTFOLIOS, INCOME GROWTH, CONTRACTS, INFLATIONARY PRESSURES, EXCHANGE RATES, INTEREST RATES, MONETARY FUND, FLEXIBLE EXCHANGE RATE, FINANCIAL INSTITUTIONS, DEBT, PRIVATE INVESTMENT, DEFICITS, INFLATION RATE, CREDITOR RIGHTS, BUSINESS CYCLE, BUDGET DEFICIT, DOMESTIC DEBT, ECONOMIC POLICIES, DIRECT INVESTMENT, LOANS, INTERNATIONAL FINANCIAL INSTITUTION, RESERVES, DEBT SERVICE, RULE OF LAW, PENSION FUNDS, MONETARY AUTHORITIES, FINANCE, FOREIGN CURRENCY, PUBLIC INVESTMENT, INTERNATIONAL FINANCIAL INSTITUTIONS, BANKING SECTOR, EXPENDITURE, GOVERNMENT SECURITIES, TRANSACTIONS, IPO, REPO MARKET, INVESTORS, FOREIGN EXCHANGE RESERVES, GOOD, TAX RATE, GOVERNMENT BUDGET, TRANSPARENCY, SURETIES, CONSUMER LOANS, PENSIONS, MONETARY STABILITY, FOREIGN DIRECT INVESTMENT, CAPACITY CONSTRAINTS, BUDGETS, PURCHASING POWER, INVESTOR CONFIDENCE, GOVERNMENT EXPENDITURE, CONTRACT, PRICE CHANGES, EXPENDITURES, DISBURSEMENTS, PROPERTY, FINANCIAL ASSET, SHARES, MARKET, FOREIGN EXCHANGE, NON-PERFORMING LOAN, SECURITIES, PUBLIC DEBT, MARKET INTEREST RATES, GOVERNMENT DEBT, GOVERNMENT POLICIES, INTERESTS, TAX CODE, GOODS, INVESTOR, NATIONAL BANK, INVESTMENT, COMMERCIAL BANKS, SHARE, LOAN PORTFOLIOS, COLLATERAL, POVERTY, FINANCIAL ASSETS, REVENUE, MONEY MARKET, EXTERNAL DEBT, INVESTMENTS, LENDING, CREDIT GROWTH, PENSION FUND, EXCHANGE RATE, INSTRUMENT, REMITTANCES, PUBLIC SPENDING, REGULATORY GOVERNANCE,
Online Access:	http://documents.worldbank.org/curated/en/2015/05/24439136/kazakhstan-low-oil-prices-opportunity-reform https://hdl.handle.net/10986/21895
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