Kazakhstan Economic Update No. 1, Spring 2015 : Low Oil Prices--An Opportunity to Reform

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 o...

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Bibliographic Details
Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	Washington, DC 2015
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 http://hdl.handle.net/10986/21895

id	okr-10986-21895
recordtype	oai_dc
spelling	okr-10986-218952021-04-23T14:04:05Z Kazakhstan Economic Update No. 1, Spring 2015 : Low Oil Prices--An Opportunity to Reform World Bank 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 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. 2015-05-19T16:01:17Z 2015-05-19T16:01:17Z 2015-05 Report http://documents.worldbank.org/curated/en/2015/05/24439136/kazakhstan-low-oil-prices-opportunity-reform http://hdl.handle.net/10986/21895 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work Economic & Sector Work :: Economic Updates and Modeling Europe and Central Asia Kazakhstan
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	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
spellingShingle	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 World Bank Kazakhstan Economic Update No. 1, Spring 2015 : Low Oil Prices--An Opportunity to Reform
geographic_facet	Europe and Central Asia Kazakhstan
description	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.
format	Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Kazakhstan Economic Update No. 1, Spring 2015 : Low Oil Prices--An Opportunity to Reform
title_short	Kazakhstan Economic Update No. 1, Spring 2015 : Low Oil Prices--An Opportunity to Reform
title_full	Kazakhstan Economic Update No. 1, Spring 2015 : Low Oil Prices--An Opportunity to Reform
title_fullStr	Kazakhstan Economic Update No. 1, Spring 2015 : Low Oil Prices--An Opportunity to Reform
title_full_unstemmed	Kazakhstan Economic Update No. 1, Spring 2015 : Low Oil Prices--An Opportunity to Reform
title_sort	kazakhstan economic update no. 1, spring 2015 : low oil prices--an opportunity to reform
publisher	Washington, DC
publishDate	2015
url	http://documents.worldbank.org/curated/en/2015/05/24439136/kazakhstan-low-oil-prices-opportunity-reform http://hdl.handle.net/10986/21895
_version_	1764449572193566720

Kazakhstan Economic Update No. 1, Spring 2015 : Low Oil Prices--An Opportunity to Reform

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