Publication:
Kazakhstan Country Economic Update, Spring 2018: The Quest for a New Growth Model–The Urgency of Economic Transformation

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dc.contributor.authorWorld Bank Group
dc.date.accessioned2018-07-11T20:06:21Z
dc.date.available2018-07-11T20:06:21Z
dc.date.issued2018-05-30
dc.description.abstractA recovery in the oil sector boosted recent economic performance. While the recovery in global oil prices would have a welcoming effect for Kazakhstan in terms of enhancing the economy’s buffers and supporting growth, it may also reduce the perceived urgency for transitioning to the new growth model, including the strong need of continuing the macro-fiscal adjustment (by reducing the nonoil deficit over the medium term) and pressing ahead with structural reforms. More generally, a return to any procyclical macro-fiscal policies during the upswing (due to an insufficient fiscal consolidation) risks developing a Dutch-Disease type of episode that could reduce economy’s competitiveness and lower opportunities for diversification away from oil and other non-tradable goods and services with dynamics positively correlated to oil price movements. The authorities should not miss the current window of opportunity to adjust the macro-fiscal framework, clean up the banking sector, and deepen structural reforms. To transit to a new growth model and facilitate a sizeable expansion of the tradable nonoil sector’s role in the economy, the government must demonstrate significant improvements to the rule of law, the quality of human capital, and the investment climate.en
dc.identifierhttp://documents.worldbank.org/curated/en/178631527661848309/Kazakhstan-The-quest-for-a-new-growth-model-the-urgency-of-economic-transformation-country-economic-update-Spring-2018
dc.identifier.doi10.1596/29961
dc.identifier.urihttps://hdl.handle.net/10986/29961
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectMACROECONOMIC POLICY
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC OUTLOOK
dc.subjectRISKS
dc.subjectINVESTMENT CLIMATE
dc.subjectFISCAL TRENDS
dc.subjectMONETARY POLICY
dc.subjectSTRUCTURAL TRANSFORMATION
dc.subjectPOVERTY LINE
dc.subjectEXPORTS
dc.titleKazakhstan Country Economic Update, Spring 2018en
dc.title.subtitleThe Quest for a New Growth Model–The Urgency of Economic Transformationen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleKazakhstan Country Economic Update, Spring 2018
okr.date.disclosure2018-05-30
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/178631527661848309/Kazakhstan-The-quest-for-a-new-growth-model-the-urgency-of-economic-transformation-country-economic-update-Spring-2018
okr.guid443681527664626790
okr.guid178631527661848309
okr.identifier.doi10.1596/29961
okr.identifier.externaldocumentum090224b085b32ad7_1_0
okr.identifier.internaldocumentum29936270
okr.identifier.report126685
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/178631527661848309/pdf/126685-28-5-2018-17-22-8-KAZCEUSpringfinalfinaleng.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryKazakhstan
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicPoverty Reduction::Achieving Shared Growth
okr.topicPoverty Reduction::Inequality
okr.unitEurope and Central Asia 2 (GMTE2)
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