Kazakhstan Growth Slows as External Pressures Rise : Kazakhstan Economic Update, Fall 2014

Kazakhstan is experiencing slower economic growth in 2014 due to negative supply- and demand-side effects. The Kazakh authorities are using expansionary fiscal and monetary policies to stimulate domestic demand. An uncertain global economic environ...

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Main Author:	World Bank Group
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ASSET HOLDINGS ASSET POSITION AUCTIONS BAILIFFS BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE SHEET BANK CREDIT BANK LOANS BANK RATE BANKING CRISIS BANKING SECTOR BANKING SYSTEM BINDING CONSTRAINT BONDS BUDGET DEFICIT BUDGETING CAPITAL ACCOUNT CAPITAL FLOWS CAPITAL INVESTMENT CAPITAL MARKETS CASH TRANSACTIONS CENTRAL BANK COLLATERAL COMMERCIAL BANKS COMMERCIAL CODE COMPETITIVENESS CONSUMER CREDIT CONSUMER DURABLES CONSUMER LOANS CONSUMER PROTECTION CONTRACT ENFORCEMENT CREDIT GROWTH CREDIT RISKS CURRENCY CURRENT ACCOUNT CUSTOMS UNION DEBT DEBT SERVICE DEPOSIT DEPOSIT ACCOUNTS DEPOSIT INSURANCE DEPOSITS DERIVATIVE DEVALUATION DEVALUATIONS DEVELOPING COUNTRIES DISBURSEMENTS DISPUTE RESOLUTION DOMESTIC BONDS DOMESTIC DEMAND DOMESTIC FINANCIAL MARKETS DURABLE ECONOMIC DEVELOPMENTS ECONOMIC ENVIRONMENT ECONOMIC GROWTH ECONOMIC SLOWDOWN ECONOMIC TRANSACTIONS EMERGING ECONOMIES EMERGING MARKETS EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT GROWTH EXTERNAL DEBT EXTERNAL DEMAND EXTERNAL POSITION EXTERNAL PRESSURES EXTERNAL SHOCKS FINANCIAL ASSET FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL SUPPORT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FISCAL POSITION FIXED CAPITAL FIXED INTEREST FIXED INTEREST RATE FLEXIBLE EXCHANGE RATE FOREIGN CURRENCY FOREIGN CURRENCY EXPOSURES FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES GEOPOLITICAL TENSIONS GLOBAL DEMAND GLOBAL ECONOMY GLOBAL INTEGRATION GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT INVESTMENT GOVERNMENT SECURITIES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT HOLDING HUMAN CAPITAL IMPLICIT GOVERNMENT GUARANTEES IMPORTS INCOME LEVEL INCOME LEVELS INCOME TAX INDEBTEDNESS INFLATION INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE INVESTMENT INSTITUTIONAL CAPACITY INSTRUMENT INSURANCE INTEREST PAYMENTS INTEREST RATE DIFFERENTIAL INTEREST RATE DIFFERENTIALS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL INVESTORS INTERNATIONAL TRADE INTERNATIONAL TRANSACTIONS INVESTING INVESTMENT ACTIVITIES INVESTMENT ACTIVITY INVESTMENT DECISIONS INVESTMENT FINANCING INVESTMENT STRATEGY INVESTOR PROTECTION ISSUANCE JUDICIAL PROCESSES JUDICIAL SYSTEM JUSTICE SYSTEM LABOR MARKET LABOR MARKETS LENDER LENDER OF LAST RESORT LENDERS LIABILITY LINE OF CREDIT LIQUIDITY LIQUIDITY RISKS LIVING STANDARDS LOAN LOAN APPLICATION LOAN PORTFOLIO LOCAL CURRENCY LONG-TERM INVESTMENTS MACROECONOMIC POLICIES MARKET CONDITIONS MARKET DEVELOPMENT MARKET DEVELOPMENTS MARKET EFFICIENCY MARKET INSTRUMENTS MARKET INTEREST RATES MARKET SIZE MATURITY MONETARY AUTHORITIES MONETARY AUTHORITY MONETARY POLICIES MONETARY POLICY MONEY MARKET MORTGAGE NATIONAL BANK NON-PERFORMING LOANS NPL OIL ECONOMY OIL PRICE OIL PRICES OIL REVENUE OPEN MARKET PAYMENT SERVICES PENSION PENSION FUND PENSION FUNDS PENSION SYSTEM PENSIONS POLICY RESPONSE POLICY RESPONSES PORTFOLIO PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PRIVATE BANKS PRIVATE CONSUMPTION PRIVATE INVESTMENT PRUDENTIAL REGULATIONS PUBLIC INVESTMENTS PURCHASING POWER REAL EXCHANGE RATE REAL WAGE GROWTH REGULATORY FRAMEWORK REPO REPO MARKET REPO RATE REPO RATES RESERVE RESERVE REQUIREMENTS RESERVES RETURN RETURNS RISK FACTORS RULE OF LAW SAFER ASSETS SAFETY NET SAVINGS ACCOUNT SPOT PRICES STOCK EXCHANGE STOCKS STRUCTURAL REFORMS SUPPLY-SIDE SWAP SWAPS TAX TAX CODE TAX INCENTIVES TRADE BALANCE TRADE SURPLUS TRADING TRANSPARENCY TURNOVER WEALTH EFFECT WEIGHTS WITHDRAWAL WORKING CAPITAL WORLD TRADE
Online Access:	http://documents.worldbank.org/curated/en/2014/09/20346204/kazakhstan-growth-slows-external-pressures-rise-kazakhstan-growth-slows-external-pressures-rise-kazakhstan-economic-update-fall-2014 http://hdl.handle.net/10986/20670

id	okr-10986-20670
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	ASSET HOLDINGS ASSET POSITION AUCTIONS BAILIFFS BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE SHEET BANK CREDIT BANK LOANS BANK RATE BANKING CRISIS BANKING SECTOR BANKING SYSTEM BINDING CONSTRAINT BONDS BUDGET DEFICIT BUDGETING CAPITAL ACCOUNT CAPITAL FLOWS CAPITAL INVESTMENT CAPITAL MARKETS CASH TRANSACTIONS CENTRAL BANK COLLATERAL COMMERCIAL BANKS COMMERCIAL CODE COMPETITIVENESS CONSUMER CREDIT CONSUMER DURABLES CONSUMER LOANS CONSUMER PROTECTION CONTRACT ENFORCEMENT CREDIT GROWTH CREDIT RISKS CURRENCY CURRENT ACCOUNT CUSTOMS UNION DEBT DEBT SERVICE DEPOSIT DEPOSIT ACCOUNTS DEPOSIT INSURANCE DEPOSITS DERIVATIVE DEVALUATION DEVALUATIONS DEVELOPING COUNTRIES DISBURSEMENTS DISPUTE RESOLUTION DOMESTIC BONDS DOMESTIC DEMAND DOMESTIC FINANCIAL MARKETS DURABLE ECONOMIC DEVELOPMENTS ECONOMIC ENVIRONMENT ECONOMIC GROWTH ECONOMIC SLOWDOWN ECONOMIC TRANSACTIONS EMERGING ECONOMIES EMERGING MARKETS EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT GROWTH EXTERNAL DEBT EXTERNAL DEMAND EXTERNAL POSITION EXTERNAL PRESSURES EXTERNAL SHOCKS FINANCIAL ASSET FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL SUPPORT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FISCAL POSITION FIXED CAPITAL FIXED INTEREST FIXED INTEREST RATE FLEXIBLE EXCHANGE RATE FOREIGN CURRENCY FOREIGN CURRENCY EXPOSURES FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES GEOPOLITICAL TENSIONS GLOBAL DEMAND GLOBAL ECONOMY GLOBAL INTEGRATION GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT INVESTMENT GOVERNMENT SECURITIES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT HOLDING HUMAN CAPITAL IMPLICIT GOVERNMENT GUARANTEES IMPORTS INCOME LEVEL INCOME LEVELS INCOME TAX INDEBTEDNESS INFLATION INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE INVESTMENT INSTITUTIONAL CAPACITY INSTRUMENT INSURANCE INTEREST PAYMENTS INTEREST RATE DIFFERENTIAL INTEREST RATE DIFFERENTIALS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL INVESTORS INTERNATIONAL TRADE INTERNATIONAL TRANSACTIONS INVESTING INVESTMENT ACTIVITIES INVESTMENT ACTIVITY INVESTMENT DECISIONS INVESTMENT FINANCING INVESTMENT STRATEGY INVESTOR PROTECTION ISSUANCE JUDICIAL PROCESSES JUDICIAL SYSTEM JUSTICE SYSTEM LABOR MARKET LABOR MARKETS LENDER LENDER OF LAST RESORT LENDERS LIABILITY LINE OF CREDIT LIQUIDITY LIQUIDITY RISKS LIVING STANDARDS LOAN LOAN APPLICATION LOAN PORTFOLIO LOCAL CURRENCY LONG-TERM INVESTMENTS MACROECONOMIC POLICIES MARKET CONDITIONS MARKET DEVELOPMENT MARKET DEVELOPMENTS MARKET EFFICIENCY MARKET INSTRUMENTS MARKET INTEREST RATES MARKET SIZE MATURITY MONETARY AUTHORITIES MONETARY AUTHORITY MONETARY POLICIES MONETARY POLICY MONEY MARKET MORTGAGE NATIONAL BANK NON-PERFORMING LOANS NPL OIL ECONOMY OIL PRICE OIL PRICES OIL REVENUE OPEN MARKET PAYMENT SERVICES PENSION PENSION FUND PENSION FUNDS PENSION SYSTEM PENSIONS POLICY RESPONSE POLICY RESPONSES PORTFOLIO PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PRIVATE BANKS PRIVATE CONSUMPTION PRIVATE INVESTMENT PRUDENTIAL REGULATIONS PUBLIC INVESTMENTS PURCHASING POWER REAL EXCHANGE RATE REAL WAGE GROWTH REGULATORY FRAMEWORK REPO REPO MARKET REPO RATE REPO RATES RESERVE RESERVE REQUIREMENTS RESERVES RETURN RETURNS RISK FACTORS RULE OF LAW SAFER ASSETS SAFETY NET SAVINGS ACCOUNT SPOT PRICES STOCK EXCHANGE STOCKS STRUCTURAL REFORMS SUPPLY-SIDE SWAP SWAPS TAX TAX CODE TAX INCENTIVES TRADE BALANCE TRADE SURPLUS TRADING TRANSPARENCY TURNOVER WEALTH EFFECT WEIGHTS WITHDRAWAL WORKING CAPITAL WORLD TRADE
spellingShingle	ASSET HOLDINGS ASSET POSITION AUCTIONS BAILIFFS BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE SHEET BANK CREDIT BANK LOANS BANK RATE BANKING CRISIS BANKING SECTOR BANKING SYSTEM BINDING CONSTRAINT BONDS BUDGET DEFICIT BUDGETING CAPITAL ACCOUNT CAPITAL FLOWS CAPITAL INVESTMENT CAPITAL MARKETS CASH TRANSACTIONS CENTRAL BANK COLLATERAL COMMERCIAL BANKS COMMERCIAL CODE COMPETITIVENESS CONSUMER CREDIT CONSUMER DURABLES CONSUMER LOANS CONSUMER PROTECTION CONTRACT ENFORCEMENT CREDIT GROWTH CREDIT RISKS CURRENCY CURRENT ACCOUNT CUSTOMS UNION DEBT DEBT SERVICE DEPOSIT DEPOSIT ACCOUNTS DEPOSIT INSURANCE DEPOSITS DERIVATIVE DEVALUATION DEVALUATIONS DEVELOPING COUNTRIES DISBURSEMENTS DISPUTE RESOLUTION DOMESTIC BONDS DOMESTIC DEMAND DOMESTIC FINANCIAL MARKETS DURABLE ECONOMIC DEVELOPMENTS ECONOMIC ENVIRONMENT ECONOMIC GROWTH ECONOMIC SLOWDOWN ECONOMIC TRANSACTIONS EMERGING ECONOMIES EMERGING MARKETS EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT GROWTH EXTERNAL DEBT EXTERNAL DEMAND EXTERNAL POSITION EXTERNAL PRESSURES EXTERNAL SHOCKS FINANCIAL ASSET FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL SUPPORT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FISCAL POSITION FIXED CAPITAL FIXED INTEREST FIXED INTEREST RATE FLEXIBLE EXCHANGE RATE FOREIGN CURRENCY FOREIGN CURRENCY EXPOSURES FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES GEOPOLITICAL TENSIONS GLOBAL DEMAND GLOBAL ECONOMY GLOBAL INTEGRATION GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT INVESTMENT GOVERNMENT SECURITIES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT HOLDING HUMAN CAPITAL IMPLICIT GOVERNMENT GUARANTEES IMPORTS INCOME LEVEL INCOME LEVELS INCOME TAX INDEBTEDNESS INFLATION INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE INVESTMENT INSTITUTIONAL CAPACITY INSTRUMENT INSURANCE INTEREST PAYMENTS INTEREST RATE DIFFERENTIAL INTEREST RATE DIFFERENTIALS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL INVESTORS INTERNATIONAL TRADE INTERNATIONAL TRANSACTIONS INVESTING INVESTMENT ACTIVITIES INVESTMENT ACTIVITY INVESTMENT DECISIONS INVESTMENT FINANCING INVESTMENT STRATEGY INVESTOR PROTECTION ISSUANCE JUDICIAL PROCESSES JUDICIAL SYSTEM JUSTICE SYSTEM LABOR MARKET LABOR MARKETS LENDER LENDER OF LAST RESORT LENDERS LIABILITY LINE OF CREDIT LIQUIDITY LIQUIDITY RISKS LIVING STANDARDS LOAN LOAN APPLICATION LOAN PORTFOLIO LOCAL CURRENCY LONG-TERM INVESTMENTS MACROECONOMIC POLICIES MARKET CONDITIONS MARKET DEVELOPMENT MARKET DEVELOPMENTS MARKET EFFICIENCY MARKET INSTRUMENTS MARKET INTEREST RATES MARKET SIZE MATURITY MONETARY AUTHORITIES MONETARY AUTHORITY MONETARY POLICIES MONETARY POLICY MONEY MARKET MORTGAGE NATIONAL BANK NON-PERFORMING LOANS NPL OIL ECONOMY OIL PRICE OIL PRICES OIL REVENUE OPEN MARKET PAYMENT SERVICES PENSION PENSION FUND PENSION FUNDS PENSION SYSTEM PENSIONS POLICY RESPONSE POLICY RESPONSES PORTFOLIO PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PRIVATE BANKS PRIVATE CONSUMPTION PRIVATE INVESTMENT PRUDENTIAL REGULATIONS PUBLIC INVESTMENTS PURCHASING POWER REAL EXCHANGE RATE REAL WAGE GROWTH REGULATORY FRAMEWORK REPO REPO MARKET REPO RATE REPO RATES RESERVE RESERVE REQUIREMENTS RESERVES RETURN RETURNS RISK FACTORS RULE OF LAW SAFER ASSETS SAFETY NET SAVINGS ACCOUNT SPOT PRICES STOCK EXCHANGE STOCKS STRUCTURAL REFORMS SUPPLY-SIDE SWAP SWAPS TAX TAX CODE TAX INCENTIVES TRADE BALANCE TRADE SURPLUS TRADING TRANSPARENCY TURNOVER WEALTH EFFECT WEIGHTS WITHDRAWAL WORKING CAPITAL WORLD TRADE World Bank Group Kazakhstan Growth Slows as External Pressures Rise : Kazakhstan Economic Update, Fall 2014
geographic_facet	Europe and Central Asia Kazakhstan
description	Kazakhstan is experiencing slower economic growth in 2014 due to negative supply- and demand-side effects. The Kazakh authorities are using expansionary fiscal and monetary policies to stimulate domestic demand. An uncertain global economic environment and regional geopolitical tensions pose risks to the economic outlook of Kazakhstan. If the economic slowdown starts to have a negative effect on the labor market, the government has instruments to mitigate its impact on the most vulnerable population. The government has identified a set of reforms that are expected to help diversify the economy and expand the non-oil sector. They have launched a major program of support for the development of small- and medium-sized enterprises, including by addressing the constraints related to access to credit. They are also working to improve the national regulatory and governance framework that will enhance the transparency and efficiency of economic transactions, facilitate private sector participation, and improve service delivery to the population. Ongoing reforms in customs administration and the courts are part of its reform agenda.
format	Economic & Sector Work :: Economic Updates and Modeling
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Kazakhstan Growth Slows as External Pressures Rise : Kazakhstan Economic Update, Fall 2014
title_short	Kazakhstan Growth Slows as External Pressures Rise : Kazakhstan Economic Update, Fall 2014
title_full	Kazakhstan Growth Slows as External Pressures Rise : Kazakhstan Economic Update, Fall 2014
title_fullStr	Kazakhstan Growth Slows as External Pressures Rise : Kazakhstan Economic Update, Fall 2014
title_full_unstemmed	Kazakhstan Growth Slows as External Pressures Rise : Kazakhstan Economic Update, Fall 2014
title_sort	kazakhstan growth slows as external pressures rise : kazakhstan economic update, fall 2014
publisher	Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2014/09/20346204/kazakhstan-growth-slows-external-pressures-rise-kazakhstan-growth-slows-external-pressures-rise-kazakhstan-economic-update-fall-2014 http://hdl.handle.net/10986/20670
_version_	1764446113961607168
spelling	okr-10986-206702021-04-23T14:03:57Z Kazakhstan Growth Slows as External Pressures Rise : Kazakhstan Economic Update, Fall 2014 World Bank Group ASSET HOLDINGS ASSET POSITION AUCTIONS BAILIFFS BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE SHEET BANK CREDIT BANK LOANS BANK RATE BANKING CRISIS BANKING SECTOR BANKING SYSTEM BINDING CONSTRAINT BONDS BUDGET DEFICIT BUDGETING CAPITAL ACCOUNT CAPITAL FLOWS CAPITAL INVESTMENT CAPITAL MARKETS CASH TRANSACTIONS CENTRAL BANK COLLATERAL COMMERCIAL BANKS COMMERCIAL CODE COMPETITIVENESS CONSUMER CREDIT CONSUMER DURABLES CONSUMER LOANS CONSUMER PROTECTION CONTRACT ENFORCEMENT CREDIT GROWTH CREDIT RISKS CURRENCY CURRENT ACCOUNT CUSTOMS UNION DEBT DEBT SERVICE DEPOSIT DEPOSIT ACCOUNTS DEPOSIT INSURANCE DEPOSITS DERIVATIVE DEVALUATION DEVALUATIONS DEVELOPING COUNTRIES DISBURSEMENTS DISPUTE RESOLUTION DOMESTIC BONDS DOMESTIC DEMAND DOMESTIC FINANCIAL MARKETS DURABLE ECONOMIC DEVELOPMENTS ECONOMIC ENVIRONMENT ECONOMIC GROWTH ECONOMIC SLOWDOWN ECONOMIC TRANSACTIONS EMERGING ECONOMIES EMERGING MARKETS EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORT GROWTH EXTERNAL DEBT EXTERNAL DEMAND EXTERNAL POSITION EXTERNAL PRESSURES EXTERNAL SHOCKS FINANCIAL ASSET FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL SUPPORT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FISCAL POSITION FIXED CAPITAL FIXED INTEREST FIXED INTEREST RATE FLEXIBLE EXCHANGE RATE FOREIGN CURRENCY FOREIGN CURRENCY EXPOSURES FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES GEOPOLITICAL TENSIONS GLOBAL DEMAND GLOBAL ECONOMY GLOBAL INTEGRATION GLOBAL MARKETS GLOBAL TRADE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT INVESTMENT GOVERNMENT SECURITIES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT HOLDING HUMAN CAPITAL IMPLICIT GOVERNMENT GUARANTEES IMPORTS INCOME LEVEL INCOME LEVELS INCOME TAX INDEBTEDNESS INFLATION INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE INVESTMENT INSTITUTIONAL CAPACITY INSTRUMENT INSURANCE INTEREST PAYMENTS INTEREST RATE DIFFERENTIAL INTEREST RATE DIFFERENTIALS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL INVESTORS INTERNATIONAL TRADE INTERNATIONAL TRANSACTIONS INVESTING INVESTMENT ACTIVITIES INVESTMENT ACTIVITY INVESTMENT DECISIONS INVESTMENT FINANCING INVESTMENT STRATEGY INVESTOR PROTECTION ISSUANCE JUDICIAL PROCESSES JUDICIAL SYSTEM JUSTICE SYSTEM LABOR MARKET LABOR MARKETS LENDER LENDER OF LAST RESORT LENDERS LIABILITY LINE OF CREDIT LIQUIDITY LIQUIDITY RISKS LIVING STANDARDS LOAN LOAN APPLICATION LOAN PORTFOLIO LOCAL CURRENCY LONG-TERM INVESTMENTS MACROECONOMIC POLICIES MARKET CONDITIONS MARKET DEVELOPMENT MARKET DEVELOPMENTS MARKET EFFICIENCY MARKET INSTRUMENTS MARKET INTEREST RATES MARKET SIZE MATURITY MONETARY AUTHORITIES MONETARY AUTHORITY MONETARY POLICIES MONETARY POLICY MONEY MARKET MORTGAGE NATIONAL BANK NON-PERFORMING LOANS NPL OIL ECONOMY OIL PRICE OIL PRICES OIL REVENUE OPEN MARKET PAYMENT SERVICES PENSION PENSION FUND PENSION FUNDS PENSION SYSTEM PENSIONS POLICY RESPONSE POLICY RESPONSES PORTFOLIO PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PRIVATE BANKS PRIVATE CONSUMPTION PRIVATE INVESTMENT PRUDENTIAL REGULATIONS PUBLIC INVESTMENTS PURCHASING POWER REAL EXCHANGE RATE REAL WAGE GROWTH REGULATORY FRAMEWORK REPO REPO MARKET REPO RATE REPO RATES RESERVE RESERVE REQUIREMENTS RESERVES RETURN RETURNS RISK FACTORS RULE OF LAW SAFER ASSETS SAFETY NET SAVINGS ACCOUNT SPOT PRICES STOCK EXCHANGE STOCKS STRUCTURAL REFORMS SUPPLY-SIDE SWAP SWAPS TAX TAX CODE TAX INCENTIVES TRADE BALANCE TRADE SURPLUS TRADING TRANSPARENCY TURNOVER WEALTH EFFECT WEIGHTS WITHDRAWAL WORKING CAPITAL WORLD TRADE Kazakhstan is experiencing slower economic growth in 2014 due to negative supply- and demand-side effects. The Kazakh authorities are using expansionary fiscal and monetary policies to stimulate domestic demand. An uncertain global economic environment and regional geopolitical tensions pose risks to the economic outlook of Kazakhstan. If the economic slowdown starts to have a negative effect on the labor market, the government has instruments to mitigate its impact on the most vulnerable population. The government has identified a set of reforms that are expected to help diversify the economy and expand the non-oil sector. They have launched a major program of support for the development of small- and medium-sized enterprises, including by addressing the constraints related to access to credit. They are also working to improve the national regulatory and governance framework that will enhance the transparency and efficiency of economic transactions, facilitate private sector participation, and improve service delivery to the population. Ongoing reforms in customs administration and the courts are part of its reform agenda. 2014-12-08T18:03:01Z 2014-12-08T18:03:01Z 2014-09-30 http://documents.worldbank.org/curated/en/2014/09/20346204/kazakhstan-growth-slows-external-pressures-rise-kazakhstan-growth-slows-external-pressures-rise-kazakhstan-economic-update-fall-2014 http://hdl.handle.net/10986/20670 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work :: Economic Updates and Modeling Europe and Central Asia Kazakhstan

Kazakhstan Growth Slows as External Pressures Rise : Kazakhstan Economic Update, Fall 2014

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