Thursday, July 29, 2021

World Bank Reports on Boosting Kazakhstan’s Economy

The World Bank considers the high dependence of the economy on external factors as the biggest problem for Kazakhstan. 

According to the World Bank, the growth of the economy of Kazakhstan is hampered by the dominance of enterprises in the quasi-public sector in the economy; lack of skilled labor;  macroeconomic vulnerability; and weak regional economic cooperation.

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The economic diagnosis of the private sector in Kazakhstan, prepared by the International Finance Corporation as part of the World Bank Group, has shown that the agribusiness, livestock, transport, and logistics sectors are highly attractive and have more opportunities to lift restrictions on attracting investment in the private sector in the coming years.

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According to World Bank analysts in Kazakhstan, all efforts should be accompanied by strong structural reforms in this area. “This may include the restructuring and privatization of enterprises in the quasi-public sector, which will lead to more effective governance and reduce fiscal risks. Responsible fiscal and monetary policy will support economic and price stability and stimulate investment in the non-oil economy. Higher incomes will also have positive effects on poverty reduction, “the report says.

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