Kazakhstan : Short-Term Vulnerabilities, Positive Prospects

This economic update is structured as follows: section A describes the recent economic developments, with a focus on emerged imbalances in the external accounts, which led to growing depreciation expectations and resulted in the one-off tenge deval...

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Main Author:	World Bank
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCOUNTING AMORTIZATION ASSET POSITION AVAILABILITY OF CREDIT BALANCE OF PAYMENTS BALANCE SHEET BANK ACCOUNTS BANK DEPOSITS BANK LOANS BANKING SECTOR BANKING SYSTEM BILL BORROWER BUDGET DEFICIT BUFFER CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL FLOW CAPITAL INVESTMENT CENTRAL BANK CENTRAL BANKS COLLATERAL COMMERCIAL BANKS COMPETITIVE DEVALUATION COMPETITIVENESS CONSUMER CREDITS CONSUMER LOANS CONSUMER PRICE INDEX CONSUMPTION GROWTH CORE INFLATION CREDIT GROWTH CREDIT LINE CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT SURPLUS CUSTOMS UNION DEBT MARKETS DEBT RESTRUCTURING DEBT SERVICING DEBT SOURCES DEPOSIT DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DIRECT INVESTMENTS DISBURSEMENT DISBURSEMENTS DOMESTIC DEMAND DOMESTIC INFLATION DOMESTIC PRICES DOMESTIC SAVINGS DUTCH DISEASE ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC MODEL ECONOMIC POLICY EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET CURRENCIES EMERGING MARKETS EUROBOND EXCHANGE RATE EXCHANGE RATE DEVALUATION EXCHANGE RATE POLICY EXCHANGE RATE REGIMES EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT MARKETS EXPORTERS EXTERNAL BALANCE EXTERNAL BALANCES EXTERNAL BORROWINGS EXTERNAL DEBT EXTERNAL DEMAND EXTERNAL FUNDING EXTERNAL INDEBTEDNESS EXTERNAL POSITION EXTERNAL SHOCKS FEDERAL RESERVE FINANCIAL ASSET FINANCIAL ASSETS FISCAL BALANCE FISCAL BALANCES FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIME FOOD PRICES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE GLOBAL MARKETS GOLD GOLD RESERVES GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT INVESTMENTS GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH RATE HIGH-INCOME COUNTRIES HOLDING HOLDINGS HUMAN CAPITAL HUMAN DEVELOPMENT IMBALANCES IMPORT IMPORT PRICES IMPORTS INFLATION INFLATION RATE INFLATIONARY IMPACT INFLATIONARY PRESSURE INFLATIONARY PRESSURES INFRASTRUCTURE DEVELOPMENT INSTRUMENT INSURANCE INTELLECTUAL PROPERTY INTEREST RATES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTING INVESTMENT ACTIVITIES INVESTMENT ACTIVITY INVESTMENT FLOWS INVESTMENT INFLOWS INVESTMENT PROJECTS ISSUANCES LABOR FORCE LENDING PORTFOLIOS LIQUID ASSETS LIQUIDITY LOAN LOAN PORTFOLIO LOCAL CURRENCY LONG-TERM INVESTMENTS MACROECONOMIC DATA MACROECONOMIC POLICIES MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MONETARY AGGREGATES MONETARY POLICY MONEY SUPPLY MORTGAGES NATIONAL BANK NATURAL RESOURCES NET DEBT NOMINAL EXCHANGE RATE NON-PERFORMING LOANS NONPERFORMING LOANS NPL OIL ECONOMY OIL EXPORTS OIL PRICE OIL PRICES OIL REVENUE OIL SUPPLY OPEN ECONOMIES PENSION PENSIONS PORTFOLIO PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS POSITIVE COEFFICIENT POST-CRISIS PERIOD PRICE INCREASES PRIVATE BANKS PRIVATE CONSUMPTION PRIVATE INVESTMENT PRIVATE MONEY PRIVATE SAVINGS PRIVATE SECTOR INVESTMENT PROPERTY RIGHTS PUBLIC FINANCES PURCHASING POWER PURCHASING POWER PARITY RATE OF GROWTH REAL EXCHANGE RATE RECESSION REGULATORY REFORMS REMITTANCES REPO REPO RATES RESERVE RESERVE ACCUMULATION RESERVES RETURN RETURN ON ASSETS RIGID EXCHANGE RATE REGIME RULE OF LAW SHARE OF CREDIT SHORT-TERM LIQUIDITY SLOWDOWN STOCK EXCHANGE STRUCTURAL REFORMS TARIFF BARRIERS TAX TAX SYSTEM TOTAL CREDIT TOTAL DEBT TOTAL DEPOSITS TOTAL EXPORTS TOTAL EXTERNAL DEBT TOTAL IMPORTS TRADE BALANCE TRADE FACILITATION TRADE POLICY TRADE SURPLUS TRANSITION COUNTRIES UNCERTAINTIES UNCERTAINTY UNEMPLOYMENT RATE WEALTH EFFECT WEIGHTS WITHDRAWAL
Online Access:	http://documents.worldbank.org/curated/en/2014/03/19456558/kazakhstan-short-term-vulnerabilities-positive-prospects-spring-2014 http://hdl.handle.net/10986/18651

id	okr-10986-18651
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTING AMORTIZATION ASSET POSITION AVAILABILITY OF CREDIT BALANCE OF PAYMENTS BALANCE SHEET BANK ACCOUNTS BANK DEPOSITS BANK LOANS BANKING SECTOR BANKING SYSTEM BILL BORROWER BUDGET DEFICIT BUFFER CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL FLOW CAPITAL INVESTMENT CENTRAL BANK CENTRAL BANKS COLLATERAL COMMERCIAL BANKS COMPETITIVE DEVALUATION COMPETITIVENESS CONSUMER CREDITS CONSUMER LOANS CONSUMER PRICE INDEX CONSUMPTION GROWTH CORE INFLATION CREDIT GROWTH CREDIT LINE CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT SURPLUS CUSTOMS UNION DEBT MARKETS DEBT RESTRUCTURING DEBT SERVICING DEBT SOURCES DEPOSIT DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DIRECT INVESTMENTS DISBURSEMENT DISBURSEMENTS DOMESTIC DEMAND DOMESTIC INFLATION DOMESTIC PRICES DOMESTIC SAVINGS DUTCH DISEASE ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC MODEL ECONOMIC POLICY EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET CURRENCIES EMERGING MARKETS EUROBOND EXCHANGE RATE EXCHANGE RATE DEVALUATION EXCHANGE RATE POLICY EXCHANGE RATE REGIMES EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT MARKETS EXPORTERS EXTERNAL BALANCE EXTERNAL BALANCES EXTERNAL BORROWINGS EXTERNAL DEBT EXTERNAL DEMAND EXTERNAL FUNDING EXTERNAL INDEBTEDNESS EXTERNAL POSITION EXTERNAL SHOCKS FEDERAL RESERVE FINANCIAL ASSET FINANCIAL ASSETS FISCAL BALANCE FISCAL BALANCES FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIME FOOD PRICES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE GLOBAL MARKETS GOLD GOLD RESERVES GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT INVESTMENTS GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH RATE HIGH-INCOME COUNTRIES HOLDING HOLDINGS HUMAN CAPITAL HUMAN DEVELOPMENT IMBALANCES IMPORT IMPORT PRICES IMPORTS INFLATION INFLATION RATE INFLATIONARY IMPACT INFLATIONARY PRESSURE INFLATIONARY PRESSURES INFRASTRUCTURE DEVELOPMENT INSTRUMENT INSURANCE INTELLECTUAL PROPERTY INTEREST RATES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTING INVESTMENT ACTIVITIES INVESTMENT ACTIVITY INVESTMENT FLOWS INVESTMENT INFLOWS INVESTMENT PROJECTS ISSUANCES LABOR FORCE LENDING PORTFOLIOS LIQUID ASSETS LIQUIDITY LOAN LOAN PORTFOLIO LOCAL CURRENCY LONG-TERM INVESTMENTS MACROECONOMIC DATA MACROECONOMIC POLICIES MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MONETARY AGGREGATES MONETARY POLICY MONEY SUPPLY MORTGAGES NATIONAL BANK NATURAL RESOURCES NET DEBT NOMINAL EXCHANGE RATE NON-PERFORMING LOANS NONPERFORMING LOANS NPL OIL ECONOMY OIL EXPORTS OIL PRICE OIL PRICES OIL REVENUE OIL SUPPLY OPEN ECONOMIES PENSION PENSIONS PORTFOLIO PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS POSITIVE COEFFICIENT POST-CRISIS PERIOD PRICE INCREASES PRIVATE BANKS PRIVATE CONSUMPTION PRIVATE INVESTMENT PRIVATE MONEY PRIVATE SAVINGS PRIVATE SECTOR INVESTMENT PROPERTY RIGHTS PUBLIC FINANCES PURCHASING POWER PURCHASING POWER PARITY RATE OF GROWTH REAL EXCHANGE RATE RECESSION REGULATORY REFORMS REMITTANCES REPO REPO RATES RESERVE RESERVE ACCUMULATION RESERVES RETURN RETURN ON ASSETS RIGID EXCHANGE RATE REGIME RULE OF LAW SHARE OF CREDIT SHORT-TERM LIQUIDITY SLOWDOWN STOCK EXCHANGE STRUCTURAL REFORMS TARIFF BARRIERS TAX TAX SYSTEM TOTAL CREDIT TOTAL DEBT TOTAL DEPOSITS TOTAL EXPORTS TOTAL EXTERNAL DEBT TOTAL IMPORTS TRADE BALANCE TRADE FACILITATION TRADE POLICY TRADE SURPLUS TRANSITION COUNTRIES UNCERTAINTIES UNCERTAINTY UNEMPLOYMENT RATE WEALTH EFFECT WEIGHTS WITHDRAWAL
spellingShingle	ACCOUNTING AMORTIZATION ASSET POSITION AVAILABILITY OF CREDIT BALANCE OF PAYMENTS BALANCE SHEET BANK ACCOUNTS BANK DEPOSITS BANK LOANS BANKING SECTOR BANKING SYSTEM BILL BORROWER BUDGET DEFICIT BUFFER CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL FLOW CAPITAL INVESTMENT CENTRAL BANK CENTRAL BANKS COLLATERAL COMMERCIAL BANKS COMPETITIVE DEVALUATION COMPETITIVENESS CONSUMER CREDITS CONSUMER LOANS CONSUMER PRICE INDEX CONSUMPTION GROWTH CORE INFLATION CREDIT GROWTH CREDIT LINE CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT SURPLUS CUSTOMS UNION DEBT MARKETS DEBT RESTRUCTURING DEBT SERVICING DEBT SOURCES DEPOSIT DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DIRECT INVESTMENTS DISBURSEMENT DISBURSEMENTS DOMESTIC DEMAND DOMESTIC INFLATION DOMESTIC PRICES DOMESTIC SAVINGS DUTCH DISEASE ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC MODEL ECONOMIC POLICY EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET CURRENCIES EMERGING MARKETS EUROBOND EXCHANGE RATE EXCHANGE RATE DEVALUATION EXCHANGE RATE POLICY EXCHANGE RATE REGIMES EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT MARKETS EXPORTERS EXTERNAL BALANCE EXTERNAL BALANCES EXTERNAL BORROWINGS EXTERNAL DEBT EXTERNAL DEMAND EXTERNAL FUNDING EXTERNAL INDEBTEDNESS EXTERNAL POSITION EXTERNAL SHOCKS FEDERAL RESERVE FINANCIAL ASSET FINANCIAL ASSETS FISCAL BALANCE FISCAL BALANCES FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIME FOOD PRICES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE GLOBAL MARKETS GOLD GOLD RESERVES GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT INVESTMENTS GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH RATE HIGH-INCOME COUNTRIES HOLDING HOLDINGS HUMAN CAPITAL HUMAN DEVELOPMENT IMBALANCES IMPORT IMPORT PRICES IMPORTS INFLATION INFLATION RATE INFLATIONARY IMPACT INFLATIONARY PRESSURE INFLATIONARY PRESSURES INFRASTRUCTURE DEVELOPMENT INSTRUMENT INSURANCE INTELLECTUAL PROPERTY INTEREST RATES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTING INVESTMENT ACTIVITIES INVESTMENT ACTIVITY INVESTMENT FLOWS INVESTMENT INFLOWS INVESTMENT PROJECTS ISSUANCES LABOR FORCE LENDING PORTFOLIOS LIQUID ASSETS LIQUIDITY LOAN LOAN PORTFOLIO LOCAL CURRENCY LONG-TERM INVESTMENTS MACROECONOMIC DATA MACROECONOMIC POLICIES MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MONETARY AGGREGATES MONETARY POLICY MONEY SUPPLY MORTGAGES NATIONAL BANK NATURAL RESOURCES NET DEBT NOMINAL EXCHANGE RATE NON-PERFORMING LOANS NONPERFORMING LOANS NPL OIL ECONOMY OIL EXPORTS OIL PRICE OIL PRICES OIL REVENUE OIL SUPPLY OPEN ECONOMIES PENSION PENSIONS PORTFOLIO PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS POSITIVE COEFFICIENT POST-CRISIS PERIOD PRICE INCREASES PRIVATE BANKS PRIVATE CONSUMPTION PRIVATE INVESTMENT PRIVATE MONEY PRIVATE SAVINGS PRIVATE SECTOR INVESTMENT PROPERTY RIGHTS PUBLIC FINANCES PURCHASING POWER PURCHASING POWER PARITY RATE OF GROWTH REAL EXCHANGE RATE RECESSION REGULATORY REFORMS REMITTANCES REPO REPO RATES RESERVE RESERVE ACCUMULATION RESERVES RETURN RETURN ON ASSETS RIGID EXCHANGE RATE REGIME RULE OF LAW SHARE OF CREDIT SHORT-TERM LIQUIDITY SLOWDOWN STOCK EXCHANGE STRUCTURAL REFORMS TARIFF BARRIERS TAX TAX SYSTEM TOTAL CREDIT TOTAL DEBT TOTAL DEPOSITS TOTAL EXPORTS TOTAL EXTERNAL DEBT TOTAL IMPORTS TRADE BALANCE TRADE FACILITATION TRADE POLICY TRADE SURPLUS TRANSITION COUNTRIES UNCERTAINTIES UNCERTAINTY UNEMPLOYMENT RATE WEALTH EFFECT WEIGHTS WITHDRAWAL World Bank Kazakhstan : Short-Term Vulnerabilities, Positive Prospects
geographic_facet	Europe and Central Asia Kazakhstan
relation	Kazakhstan Economic Update;Spring 2014
description	This economic update is structured as follows: section A describes the recent economic developments, with a focus on emerged imbalances in the external accounts, which led to growing depreciation expectations and resulted in the one-off tenge devaluation in early 2014. Section B provides an overview of recent macroeconomic policies and the government's forward-looking vision of moving toward a diversified knowledge-based economy by improving the country's endowments. Section C outlines the medium-term economic prospects for Kazakhstan, which is expected to benefit from the global economic recovery, but face risks, both external and domestic. Section D discusses possible short- to medium-term impacts of the devaluation on the economy and suggests a set of policy measures to mitigate inflationary pressures.
format	Economic & Sector Work :: Economic Updates and Modeling
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Kazakhstan : Short-Term Vulnerabilities, Positive Prospects
title_short	Kazakhstan : Short-Term Vulnerabilities, Positive Prospects
title_full	Kazakhstan : Short-Term Vulnerabilities, Positive Prospects
title_fullStr	Kazakhstan : Short-Term Vulnerabilities, Positive Prospects
title_full_unstemmed	Kazakhstan : Short-Term Vulnerabilities, Positive Prospects
title_sort	kazakhstan : short-term vulnerabilities, positive prospects
publisher	World Bank, Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2014/03/19456558/kazakhstan-short-term-vulnerabilities-positive-prospects-spring-2014 http://hdl.handle.net/10986/18651
_version_	1764442049689419776
spelling	okr-10986-186512021-04-23T14:03:47Z Kazakhstan : Short-Term Vulnerabilities, Positive Prospects World Bank ACCOUNTING AMORTIZATION ASSET POSITION AVAILABILITY OF CREDIT BALANCE OF PAYMENTS BALANCE SHEET BANK ACCOUNTS BANK DEPOSITS BANK LOANS BANKING SECTOR BANKING SYSTEM BILL BORROWER BUDGET DEFICIT BUFFER CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL FLOW CAPITAL INVESTMENT CENTRAL BANK CENTRAL BANKS COLLATERAL COMMERCIAL BANKS COMPETITIVE DEVALUATION COMPETITIVENESS CONSUMER CREDITS CONSUMER LOANS CONSUMER PRICE INDEX CONSUMPTION GROWTH CORE INFLATION CREDIT GROWTH CREDIT LINE CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT SURPLUS CUSTOMS UNION DEBT MARKETS DEBT RESTRUCTURING DEBT SERVICING DEBT SOURCES DEPOSIT DEPOSITS DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DIRECT INVESTMENTS DISBURSEMENT DISBURSEMENTS DOMESTIC DEMAND DOMESTIC INFLATION DOMESTIC PRICES DOMESTIC SAVINGS DUTCH DISEASE ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC MODEL ECONOMIC POLICY EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET CURRENCIES EMERGING MARKETS EUROBOND EXCHANGE RATE EXCHANGE RATE DEVALUATION EXCHANGE RATE POLICY EXCHANGE RATE REGIMES EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT MARKETS EXPORTERS EXTERNAL BALANCE EXTERNAL BALANCES EXTERNAL BORROWINGS EXTERNAL DEBT EXTERNAL DEMAND EXTERNAL FUNDING EXTERNAL INDEBTEDNESS EXTERNAL POSITION EXTERNAL SHOCKS FEDERAL RESERVE FINANCIAL ASSET FINANCIAL ASSETS FISCAL BALANCE FISCAL BALANCES FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FIXED INVESTMENT FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIME FOOD PRICES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE GLOBAL MARKETS GOLD GOLD RESERVES GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT INVESTMENTS GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH RATE HIGH-INCOME COUNTRIES HOLDING HOLDINGS HUMAN CAPITAL HUMAN DEVELOPMENT IMBALANCES IMPORT IMPORT PRICES IMPORTS INFLATION INFLATION RATE INFLATIONARY IMPACT INFLATIONARY PRESSURE INFLATIONARY PRESSURES INFRASTRUCTURE DEVELOPMENT INSTRUMENT INSURANCE INTELLECTUAL PROPERTY INTEREST RATES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTING INVESTMENT ACTIVITIES INVESTMENT ACTIVITY INVESTMENT FLOWS INVESTMENT INFLOWS INVESTMENT PROJECTS ISSUANCES LABOR FORCE LENDING PORTFOLIOS LIQUID ASSETS LIQUIDITY LOAN LOAN PORTFOLIO LOCAL CURRENCY LONG-TERM INVESTMENTS MACROECONOMIC DATA MACROECONOMIC POLICIES MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MONETARY AGGREGATES MONETARY POLICY MONEY SUPPLY MORTGAGES NATIONAL BANK NATURAL RESOURCES NET DEBT NOMINAL EXCHANGE RATE NON-PERFORMING LOANS NONPERFORMING LOANS NPL OIL ECONOMY OIL EXPORTS OIL PRICE OIL PRICES OIL REVENUE OIL SUPPLY OPEN ECONOMIES PENSION PENSIONS PORTFOLIO PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS POSITIVE COEFFICIENT POST-CRISIS PERIOD PRICE INCREASES PRIVATE BANKS PRIVATE CONSUMPTION PRIVATE INVESTMENT PRIVATE MONEY PRIVATE SAVINGS PRIVATE SECTOR INVESTMENT PROPERTY RIGHTS PUBLIC FINANCES PURCHASING POWER PURCHASING POWER PARITY RATE OF GROWTH REAL EXCHANGE RATE RECESSION REGULATORY REFORMS REMITTANCES REPO REPO RATES RESERVE RESERVE ACCUMULATION RESERVES RETURN RETURN ON ASSETS RIGID EXCHANGE RATE REGIME RULE OF LAW SHARE OF CREDIT SHORT-TERM LIQUIDITY SLOWDOWN STOCK EXCHANGE STRUCTURAL REFORMS TARIFF BARRIERS TAX TAX SYSTEM TOTAL CREDIT TOTAL DEBT TOTAL DEPOSITS TOTAL EXPORTS TOTAL EXTERNAL DEBT TOTAL IMPORTS TRADE BALANCE TRADE FACILITATION TRADE POLICY TRADE SURPLUS TRANSITION COUNTRIES UNCERTAINTIES UNCERTAINTY UNEMPLOYMENT RATE WEALTH EFFECT WEIGHTS WITHDRAWAL This economic update is structured as follows: section A describes the recent economic developments, with a focus on emerged imbalances in the external accounts, which led to growing depreciation expectations and resulted in the one-off tenge devaluation in early 2014. Section B provides an overview of recent macroeconomic policies and the government's forward-looking vision of moving toward a diversified knowledge-based economy by improving the country's endowments. Section C outlines the medium-term economic prospects for Kazakhstan, which is expected to benefit from the global economic recovery, but face risks, both external and domestic. Section D discusses possible short- to medium-term impacts of the devaluation on the economy and suggests a set of policy measures to mitigate inflationary pressures. 2014-06-12T20:41:27Z 2014-06-12T20:41:27Z 2014-03-31 http://documents.worldbank.org/curated/en/2014/03/19456558/kazakhstan-short-term-vulnerabilities-positive-prospects-spring-2014 http://hdl.handle.net/10986/18651 English en_US Kazakhstan Economic Update;Spring 2014 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Economic & Sector Work :: Economic Updates and Modeling Europe and Central Asia Kazakhstan

Kazakhstan : Short-Term Vulnerabilities, Positive Prospects

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