Kazakhstan Economic Update, Fall 2015 : Adjusting to Lower Oil Prices--Challenging Times Ahead
Kazakhstan’s economy faces the challenge of adjusting to a large terms-of-trade shock in a context of declining domestic and external demand. The authorities responded to the collapse of global oil prices through a rapid fiscal adjustment followed...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/12/25509374/kazakhstan-adjusting-lower-oil-prices-challenging-times-ahead-biannual-economic-update-fall-2015 http://hdl.handle.net/10986/23236 |
| Summary: | Kazakhstan’s economy faces the challenge
of adjusting to a large terms-of-trade shock in a context of
declining domestic and external demand. The authorities
responded to the collapse of global oil prices through a
rapid fiscal adjustment followed by corresponding monetary
and exchange-rate policy adjustments. A difficult external
environment will continue to affect Kazakhstan’s medium-term
outlook. In the medium term, the economy continues to face
significant downside risks, including the possibility of
delays in Kashagan offshore oil production or a protracted
recession in Russia and a further slowdown in China. Over
the longer term, diversification of the economy will be
required to increase its resilience to external shocks. |
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