Country Economic Memorandum
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Publication
Beyond Oil : Kazakhstan's Path to Greater Prosperity through Diversifying, Volume 2. Main Report
(Washington, DC, 2013-06)Kazakhstan aspires to become one of the world s 30 most developed economies by 2050. The focus is on laying the basis for the accelerated diversification of the economy through industrialization and infrastructure development, including enhancing human capital to drive innovation and economic efficiency. This country economic memorandum report adopts an analytical framework that looks into options that will be explored to help authorities think about diversification across three sectors: diversification of products and services; diversification of economic partners; and diversification of endowments. Five chapters structure this report, outlining the weaknesses and strengths of the Kazakh economy that will need to be addressed for increased prosperity. Chapter 1 discusses Kazakhstan s natural resources and how important it is to focus on the policies that matter for development and diversification. Chapter 2 focuses on export concentration and assesses whether resource dependence leads to macroeconomic volatility, whether Kazakhstan has been able to avoid volatility, and what macro-policy solutions are available to Kazakhstan. Chapter 3 looks at the structure of employment in the country and assesses whether Kazakh workers have the skills demanded by the market. Chapter 4 analyzes the regulatory environment and how well market institutions have developed to strengthen the quality of institutions. Chapter 5 uses the product space analysis to assess where Kazakhstan s comparative advantages are. It then discusses whether the country has faced excessive trade barriers, whether there is a role for industrial policy, and what will be done in the short term to help diversification. -
Publication
Beyond Oil : Kazakhstan's Path to Greater Prosperity through Diversifying, Volume 1. Overview
(Washington, DC, 2013-06)Kazakhstan aspires to become one of the world s 30 most developed economies by 2050. The focus is on laying the basis for the accelerated diversification of the economy through industrialization and infrastructure development, including enhancing human capital to drive innovation and economic efficiency. This country economic memorandum report adopts an analytical framework that looks into options that will be explored to help authorities think about diversification across three sectors: diversification of products and services; diversification of economic partners; and diversification of endowments. Five chapters structure this report, outlining the weaknesses and strengths of the Kazakh economy that will need to be addressed for increased prosperity. Chapter 1 discusses Kazakhstan s natural resources and how important it is to focus on the policies that matter for development and diversification. Chapter 2 focuses on export concentration and assesses whether resource dependence leads to macroeconomic volatility, whether Kazakhstan has been able to avoid volatility, and what macro-policy solutions are available to Kazakhstan. Chapter 3 looks at the structure of employment in the country and assesses whether Kazakh workers have the skills demanded by the market. Chapter 4 analyzes the regulatory environment and how well market institutions have developed to strengthen the quality of institutions. Chapter 5 uses the product space analysis to assess where Kazakhstan s comparative advantages are. It then discusses whether the country has faced excessive trade barriers, whether there is a role for industrial policy, and what will be done in the short term to help diversification. -
Publication
Kazakhstan : Country Economic Memorandum, Getting Competitive, Staying Competitive, The Challenge of Managing Kazakhstan's Oil Boom
(Washington, DC, 2005-06)Kazakhstan has made substantial progress in its economic transition, and faces a potentially bright future thanks to its oil wealth. The challenge is to increase the country's competitiveness, and expand the benefits of growth, while avoiding the economic and social risks typically associated with oil wealth. The overarching theme of the report is how to exploit the strengths of the Kazakhstan economy in the new oil environment, while avoiding the pitfalls that oil income typically brings. The report provides benchmarks for key aspects of competitiveness in Kazakhstan vis a vis Ukraine, Russia, and the eight most recent members of the EU rather than with other rich countries. This is for two reasons: 1) Kazakhstan's strategic objectives are to level with the European Union (EU) over the long run in terms of living and production standards, and levels of productivity and income; and, 2) although oil and gas already represents a large portion of exports, it does not mean the direct impact of oil in Kazakhstan is as large as in, say, Saudi Arabia or Venezuela. The policy agenda needs to formulate detailed policies and public investments. In this regard, interventions in six broad areas must be developed and prioritized. The six areas discussed entail economic policy, human capital development, infrastructure development, institutional framework, sectoral policies, and, research and development and innovation. Among the recommendations it is suggested that permanent gains in competitiveness will only be made if the county better pursues a strengthened human capital base. Moreover, competitiveness may be increased in the short and medium term if the economic cost of linking suppliers and consumers within global markets is reduced, and prudent macroeconomic policies are in place.