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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Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	TAX INCENTIVES DEBT SOURCE TARIFFS REPO AUCTIONS MONETARY POLICY DEFICIT DEPOSIT DEBT ACCUMULATION LIABILITY OIL PRICE NPL ACCOUNTING DEPOSITS FOREIGN DIRECT INVESTMENTS STOCK FOREIGN INVESTORS VALUATION REPO INTEREST GUARANTEES DEBT CRISIS DEBT STOCK INTEREST RATE EXCHANGE BANKING SYSTEM BALANCE OF PAYMENTS ECONOMIC DEVELOPMENTS LIQUIDITY DEVELOPING COUNTRIES DOMESTIC MARKET INFRASTRUCTURE DEVELOPMENT REVENUES PORTFOLIO MORTGAGE DEVALUATION LOAN CAPACITY BUILDING BORROWERS CAPITAL STOCK TAX RESERVE MARKET ACCESS WEALTH EFFECT INVESTMENT REGIME ASSET POSITION INFLATION PENSION DEBT BURDEN INSTRUMENTS REPAYMENT SCHEDULE BANK LENDING BUDGET MARKET PARTICIPANTS CENTRAL BANK FOREIGN MARKETS LABOR MARKET OIL PRICES INVESTMENT SPENDING CURRENCY TELECOMMUNICATIONS BANK ASSETS CAPITAL FORMATION INFLATIONARY PRESSURES STATE GUARANTEES INTEREST RATES CAPITAL OUTFLOWS MARKETS DEBT PRIVATE INVESTMENT BOND ISSUE INFLATION RATE SETTLEMENT BUDGET DEFICIT SHORT-TERM CAPITAL LOANS DIRECT INVESTMENT RESERVES CREDIT PROGRAMS PORTFOLIO INVESTMENTS DEBT SERVICE RULE OF LAW LEGAL FRAMEWORK FINANCE TAX POLICIES PUBLIC INVESTMENT BANKING SECTOR FLOATING EXCHANGE RATE FISCAL DEFICIT EXPENDITURE REPO MARKET AUCTIONS EMERGING MARKETS EQUITY TRANSACTION NATIONAL SECURITY INVESTORS DEBT PAYMENTS HUMAN CAPITAL RATES OF INFLATION DOMESTIC MARKETS INTERNATIONAL TRADE TRANSPARENCY FINANCIAL CRISIS MARKET PRICES FOREIGN DIRECT INVESTMENT FIXED CAPITAL BUDGETS PURCHASING POWER FOREIGN INVESTMENT OVERNIGHT REPO INVESTOR CONFIDENCE INVESTMENT PROJECTS CONTRACT BANK BALANCE SHEETS REPAYMENT EXPENDITURES AMORTIZATION CAPITAL FLOWS FINANCIAL ASSET SHARES REAL EXCHANGE RATE MARKET FOREIGN EXCHANGE NET DEBT LOANS TO INDIVIDUALS NON-PERFORMING LOAN INVESTMENT POLICY PUBLIC DEBT MARKET INTEREST RATES LONG-TERM INVESTMENTS HOLDINGS GOVERNMENT DEBT ECONOMIC DEVELOPMENT INVESTOR GOODS TIME DEPOSITS MARKET SHARE SECURITY ASSET-LIABILITY MISMATCHES STOCKS REPO RATE DEBT INSTRUMENTS STOCK EXCHANGE NATIONAL BANK INVESTMENT BOND EUROBOND HOST COUNTRY SHARE BALANCE SHEETS POVERTY TARIFF POLITICAL STABILITY FINANCIAL ASSETS BID REVENUE REINVESTMENT MONEY MARKET EXTERNAL DEBT TAX POLICY INVESTMENTS SHARE OF INVESTMENTS LENDING CONSUMER PRICE INDEX CREDIT GROWTH SWAPS PENSION FUND TRANSITION ECONOMIES MACROECONOMIC POLICIES DEBT SWAP EXCHANGE RATE INSTRUMENT PUBLIC DEBT STOCK REMITTANCES PUBLIC SPENDING PROFITS CAPITAL INVESTMENT DIRECT INVESTMENTS LIABILITIES SWAP NONPERFORMING LOANS CORPORATE INSOLVENCY EXTERNAL BORROWING
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

id	okr-10986-23236
recordtype	oai_dc
spelling	okr-10986-232362021-06-14T10:23:29Z Kazakhstan Economic Update, Fall 2015 : Adjusting to Lower Oil Prices--Challenging Times Ahead World Bank Group TAX INCENTIVES DEBT SOURCE TARIFFS REPO AUCTIONS MONETARY POLICY DEFICIT DEPOSIT DEBT ACCUMULATION LIABILITY OIL PRICE NPL ACCOUNTING DEPOSITS FOREIGN DIRECT INVESTMENTS STOCK FOREIGN INVESTORS VALUATION REPO INTEREST GUARANTEES DEBT CRISIS DEBT STOCK INTEREST RATE EXCHANGE BANKING SYSTEM BALANCE OF PAYMENTS ECONOMIC DEVELOPMENTS LIQUIDITY DEVELOPING COUNTRIES DOMESTIC MARKET INFRASTRUCTURE DEVELOPMENT REVENUES PORTFOLIO MORTGAGE DEVALUATION LOAN CAPACITY BUILDING BORROWERS CAPITAL STOCK TAX RESERVE MARKET ACCESS WEALTH EFFECT INVESTMENT REGIME ASSET POSITION INFLATION PENSION DEBT BURDEN INSTRUMENTS REPAYMENT SCHEDULE BANK LENDING BUDGET MARKET PARTICIPANTS CENTRAL BANK FOREIGN MARKETS LABOR MARKET OIL PRICES INVESTMENT SPENDING CURRENCY TELECOMMUNICATIONS BANK ASSETS CAPITAL FORMATION INFLATIONARY PRESSURES STATE GUARANTEES INTEREST RATES CAPITAL OUTFLOWS MARKETS DEBT PRIVATE INVESTMENT BOND ISSUE INFLATION RATE SETTLEMENT BUDGET DEFICIT SHORT-TERM CAPITAL LOANS DIRECT INVESTMENT RESERVES CREDIT PROGRAMS PORTFOLIO INVESTMENTS DEBT SERVICE RULE OF LAW LEGAL FRAMEWORK FINANCE TAX POLICIES PUBLIC INVESTMENT BANKING SECTOR FLOATING EXCHANGE RATE FISCAL DEFICIT EXPENDITURE REPO MARKET AUCTIONS EMERGING MARKETS EQUITY TRANSACTION NATIONAL SECURITY INVESTORS DEBT PAYMENTS HUMAN CAPITAL RATES OF INFLATION DOMESTIC MARKETS INTERNATIONAL TRADE TRANSPARENCY FINANCIAL CRISIS MARKET PRICES FOREIGN DIRECT INVESTMENT FIXED CAPITAL BUDGETS PURCHASING POWER FOREIGN INVESTMENT OVERNIGHT REPO INVESTOR CONFIDENCE INVESTMENT PROJECTS CONTRACT BANK BALANCE SHEETS REPAYMENT EXPENDITURES AMORTIZATION CAPITAL FLOWS FINANCIAL ASSET SHARES REAL EXCHANGE RATE MARKET FOREIGN EXCHANGE NET DEBT LOANS TO INDIVIDUALS NON-PERFORMING LOAN INVESTMENT POLICY PUBLIC DEBT MARKET INTEREST RATES LONG-TERM INVESTMENTS HOLDINGS GOVERNMENT DEBT ECONOMIC DEVELOPMENT INVESTOR GOODS TIME DEPOSITS MARKET SHARE SECURITY ASSET-LIABILITY MISMATCHES STOCKS REPO RATE DEBT INSTRUMENTS STOCK EXCHANGE NATIONAL BANK INVESTMENT BOND EUROBOND HOST COUNTRY SHARE BALANCE SHEETS POVERTY TARIFF POLITICAL STABILITY FINANCIAL ASSETS BID REVENUE REINVESTMENT MONEY MARKET EXTERNAL DEBT TAX POLICY INVESTMENTS SHARE OF INVESTMENTS LENDING CONSUMER PRICE INDEX CREDIT GROWTH SWAPS PENSION FUND TRANSITION ECONOMIES MACROECONOMIC POLICIES DEBT SWAP EXCHANGE RATE INSTRUMENT PUBLIC DEBT STOCK REMITTANCES PUBLIC SPENDING PROFITS CAPITAL INVESTMENT DIRECT INVESTMENTS LIABILITIES SWAP NONPERFORMING LOANS CORPORATE INSOLVENCY EXTERNAL BORROWING 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. 2015-12-08T20:03:07Z 2015-12-08T20:03:07Z 2015-11-30 Report 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 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work 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	TAX INCENTIVES DEBT SOURCE TARIFFS REPO AUCTIONS MONETARY POLICY DEFICIT DEPOSIT DEBT ACCUMULATION LIABILITY OIL PRICE NPL ACCOUNTING DEPOSITS FOREIGN DIRECT INVESTMENTS STOCK FOREIGN INVESTORS VALUATION REPO INTEREST GUARANTEES DEBT CRISIS DEBT STOCK INTEREST RATE EXCHANGE BANKING SYSTEM BALANCE OF PAYMENTS ECONOMIC DEVELOPMENTS LIQUIDITY DEVELOPING COUNTRIES DOMESTIC MARKET INFRASTRUCTURE DEVELOPMENT REVENUES PORTFOLIO MORTGAGE DEVALUATION LOAN CAPACITY BUILDING BORROWERS CAPITAL STOCK TAX RESERVE MARKET ACCESS WEALTH EFFECT INVESTMENT REGIME ASSET POSITION INFLATION PENSION DEBT BURDEN INSTRUMENTS REPAYMENT SCHEDULE BANK LENDING BUDGET MARKET PARTICIPANTS CENTRAL BANK FOREIGN MARKETS LABOR MARKET OIL PRICES INVESTMENT SPENDING CURRENCY TELECOMMUNICATIONS BANK ASSETS CAPITAL FORMATION INFLATIONARY PRESSURES STATE GUARANTEES INTEREST RATES CAPITAL OUTFLOWS MARKETS DEBT PRIVATE INVESTMENT BOND ISSUE INFLATION RATE SETTLEMENT BUDGET DEFICIT SHORT-TERM CAPITAL LOANS DIRECT INVESTMENT RESERVES CREDIT PROGRAMS PORTFOLIO INVESTMENTS DEBT SERVICE RULE OF LAW LEGAL FRAMEWORK FINANCE TAX POLICIES PUBLIC INVESTMENT BANKING SECTOR FLOATING EXCHANGE RATE FISCAL DEFICIT EXPENDITURE REPO MARKET AUCTIONS EMERGING MARKETS EQUITY TRANSACTION NATIONAL SECURITY INVESTORS DEBT PAYMENTS HUMAN CAPITAL RATES OF INFLATION DOMESTIC MARKETS INTERNATIONAL TRADE TRANSPARENCY FINANCIAL CRISIS MARKET PRICES FOREIGN DIRECT INVESTMENT FIXED CAPITAL BUDGETS PURCHASING POWER FOREIGN INVESTMENT OVERNIGHT REPO INVESTOR CONFIDENCE INVESTMENT PROJECTS CONTRACT BANK BALANCE SHEETS REPAYMENT EXPENDITURES AMORTIZATION CAPITAL FLOWS FINANCIAL ASSET SHARES REAL EXCHANGE RATE MARKET FOREIGN EXCHANGE NET DEBT LOANS TO INDIVIDUALS NON-PERFORMING LOAN INVESTMENT POLICY PUBLIC DEBT MARKET INTEREST RATES LONG-TERM INVESTMENTS HOLDINGS GOVERNMENT DEBT ECONOMIC DEVELOPMENT INVESTOR GOODS TIME DEPOSITS MARKET SHARE SECURITY ASSET-LIABILITY MISMATCHES STOCKS REPO RATE DEBT INSTRUMENTS STOCK EXCHANGE NATIONAL BANK INVESTMENT BOND EUROBOND HOST COUNTRY SHARE BALANCE SHEETS POVERTY TARIFF POLITICAL STABILITY FINANCIAL ASSETS BID REVENUE REINVESTMENT MONEY MARKET EXTERNAL DEBT TAX POLICY INVESTMENTS SHARE OF INVESTMENTS LENDING CONSUMER PRICE INDEX CREDIT GROWTH SWAPS PENSION FUND TRANSITION ECONOMIES MACROECONOMIC POLICIES DEBT SWAP EXCHANGE RATE INSTRUMENT PUBLIC DEBT STOCK REMITTANCES PUBLIC SPENDING PROFITS CAPITAL INVESTMENT DIRECT INVESTMENTS LIABILITIES SWAP NONPERFORMING LOANS CORPORATE INSOLVENCY EXTERNAL BORROWING
spellingShingle	TAX INCENTIVES DEBT SOURCE TARIFFS REPO AUCTIONS MONETARY POLICY DEFICIT DEPOSIT DEBT ACCUMULATION LIABILITY OIL PRICE NPL ACCOUNTING DEPOSITS FOREIGN DIRECT INVESTMENTS STOCK FOREIGN INVESTORS VALUATION REPO INTEREST GUARANTEES DEBT CRISIS DEBT STOCK INTEREST RATE EXCHANGE BANKING SYSTEM BALANCE OF PAYMENTS ECONOMIC DEVELOPMENTS LIQUIDITY DEVELOPING COUNTRIES DOMESTIC MARKET INFRASTRUCTURE DEVELOPMENT REVENUES PORTFOLIO MORTGAGE DEVALUATION LOAN CAPACITY BUILDING BORROWERS CAPITAL STOCK TAX RESERVE MARKET ACCESS WEALTH EFFECT INVESTMENT REGIME ASSET POSITION INFLATION PENSION DEBT BURDEN INSTRUMENTS REPAYMENT SCHEDULE BANK LENDING BUDGET MARKET PARTICIPANTS CENTRAL BANK FOREIGN MARKETS LABOR MARKET OIL PRICES INVESTMENT SPENDING CURRENCY TELECOMMUNICATIONS BANK ASSETS CAPITAL FORMATION INFLATIONARY PRESSURES STATE GUARANTEES INTEREST RATES CAPITAL OUTFLOWS MARKETS DEBT PRIVATE INVESTMENT BOND ISSUE INFLATION RATE SETTLEMENT BUDGET DEFICIT SHORT-TERM CAPITAL LOANS DIRECT INVESTMENT RESERVES CREDIT PROGRAMS PORTFOLIO INVESTMENTS DEBT SERVICE RULE OF LAW LEGAL FRAMEWORK FINANCE TAX POLICIES PUBLIC INVESTMENT BANKING SECTOR FLOATING EXCHANGE RATE FISCAL DEFICIT EXPENDITURE REPO MARKET AUCTIONS EMERGING MARKETS EQUITY TRANSACTION NATIONAL SECURITY INVESTORS DEBT PAYMENTS HUMAN CAPITAL RATES OF INFLATION DOMESTIC MARKETS INTERNATIONAL TRADE TRANSPARENCY FINANCIAL CRISIS MARKET PRICES FOREIGN DIRECT INVESTMENT FIXED CAPITAL BUDGETS PURCHASING POWER FOREIGN INVESTMENT OVERNIGHT REPO INVESTOR CONFIDENCE INVESTMENT PROJECTS CONTRACT BANK BALANCE SHEETS REPAYMENT EXPENDITURES AMORTIZATION CAPITAL FLOWS FINANCIAL ASSET SHARES REAL EXCHANGE RATE MARKET FOREIGN EXCHANGE NET DEBT LOANS TO INDIVIDUALS NON-PERFORMING LOAN INVESTMENT POLICY PUBLIC DEBT MARKET INTEREST RATES LONG-TERM INVESTMENTS HOLDINGS GOVERNMENT DEBT ECONOMIC DEVELOPMENT INVESTOR GOODS TIME DEPOSITS MARKET SHARE SECURITY ASSET-LIABILITY MISMATCHES STOCKS REPO RATE DEBT INSTRUMENTS STOCK EXCHANGE NATIONAL BANK INVESTMENT BOND EUROBOND HOST COUNTRY SHARE BALANCE SHEETS POVERTY TARIFF POLITICAL STABILITY FINANCIAL ASSETS BID REVENUE REINVESTMENT MONEY MARKET EXTERNAL DEBT TAX POLICY INVESTMENTS SHARE OF INVESTMENTS LENDING CONSUMER PRICE INDEX CREDIT GROWTH SWAPS PENSION FUND TRANSITION ECONOMIES MACROECONOMIC POLICIES DEBT SWAP EXCHANGE RATE INSTRUMENT PUBLIC DEBT STOCK REMITTANCES PUBLIC SPENDING PROFITS CAPITAL INVESTMENT DIRECT INVESTMENTS LIABILITIES SWAP NONPERFORMING LOANS CORPORATE INSOLVENCY EXTERNAL BORROWING World Bank Group Kazakhstan Economic Update, Fall 2015 : Adjusting to Lower Oil Prices--Challenging Times Ahead
geographic_facet	Europe and Central Asia Kazakhstan
description	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.
format	Report
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Kazakhstan Economic Update, Fall 2015 : Adjusting to Lower Oil Prices--Challenging Times Ahead
title_short	Kazakhstan Economic Update, Fall 2015 : Adjusting to Lower Oil Prices--Challenging Times Ahead
title_full	Kazakhstan Economic Update, Fall 2015 : Adjusting to Lower Oil Prices--Challenging Times Ahead
title_fullStr	Kazakhstan Economic Update, Fall 2015 : Adjusting to Lower Oil Prices--Challenging Times Ahead
title_full_unstemmed	Kazakhstan Economic Update, Fall 2015 : Adjusting to Lower Oil Prices--Challenging Times Ahead
title_sort	kazakhstan economic update, fall 2015 : adjusting to lower oil prices--challenging times ahead
publisher	World Bank, Washington, DC
publishDate	2015
url	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
_version_	1764453266820694016

Kazakhstan Economic Update, Fall 2015 : Adjusting to Lower Oil Prices--Challenging Times Ahead

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