World Bank Group2014-12-082014-12-082014-09-30https://hdl.handle.net/10986/20670Kazakhstan is experiencing slower economic growth in 2014 due to negative supply- and demand-side effects. The Kazakh authorities are using expansionary fiscal and monetary policies to stimulate domestic demand. An uncertain global economic environment and regional geopolitical tensions pose risks to the economic outlook of Kazakhstan. If the economic slowdown starts to have a negative effect on the labor market, the government has instruments to mitigate its impact on the most vulnerable population. The government has identified a set of reforms that are expected to help diversify the economy and expand the non-oil sector. They have launched a major program of support for the development of small- and medium-sized enterprises, including by addressing the constraints related to access to credit. They are also working to improve the national regulatory and governance framework that will enhance the transparency and efficiency of economic transactions, facilitate private sector participation, and improve service delivery to the population. Ongoing reforms in customs administration and the courts are part of its reform agenda.en-USCC BY 3.0 IGOASSET HOLDINGSASSET POSITIONAUCTIONSBAILIFFSBALANCE OF PAYMENTBALANCE OF PAYMENTSBALANCE SHEETBANK CREDITBANK LOANSBANK RATEBANKING CRISISBANKING SECTORBANKING SYSTEMBINDING CONSTRAINTBONDSBUDGET DEFICITBUDGETINGCAPITAL ACCOUNTCAPITAL FLOWSCAPITAL INVESTMENTCAPITAL MARKETSCASH TRANSACTIONSCENTRAL BANKCOLLATERALCOMMERCIAL BANKSCOMMERCIAL CODECOMPETITIVENESSCONSUMER CREDITCONSUMER DURABLESCONSUMER LOANSCONSUMER PROTECTIONCONTRACT ENFORCEMENTCREDIT GROWTHCREDIT RISKSCURRENCYCURRENT ACCOUNTCUSTOMS UNIONDEBTDEBT SERVICEDEPOSITDEPOSIT ACCOUNTSDEPOSIT INSURANCEDEPOSITSDERIVATIVEDEVALUATIONDEVALUATIONSDEVELOPING COUNTRIESDISBURSEMENTSDISPUTE RESOLUTIONDOMESTIC BONDSDOMESTIC DEMANDDOMESTIC FINANCIAL MARKETSDURABLEECONOMIC DEVELOPMENTSECONOMIC ENVIRONMENTECONOMIC GROWTHECONOMIC SLOWDOWNECONOMIC TRANSACTIONSEMERGING ECONOMIESEMERGING MARKETSEXCHANGE RATEEXPENDITUREEXPENDITURESEXPORT GROWTHEXTERNAL DEBTEXTERNAL DEMANDEXTERNAL POSITIONEXTERNAL PRESSURESEXTERNAL SHOCKSFINANCIAL ASSETFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL INSTITUTIONFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL STABILITYFINANCIAL SUPPORTFISCAL DEFICITSFISCAL POLICIESFISCAL POLICYFISCAL POSITIONFIXED CAPITALFIXED INTERESTFIXED INTEREST RATEFLEXIBLE EXCHANGE RATEFOREIGN CURRENCYFOREIGN CURRENCY EXPOSURESFOREIGN CURRENCY LOANSFOREIGN DIRECT INVESTMENTFOREIGN DIRECT INVESTMENTSFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESGEOPOLITICAL TENSIONSGLOBAL DEMANDGLOBAL ECONOMYGLOBAL INTEGRATIONGLOBAL MARKETSGLOBAL TRADEGOVERNMENT BUDGETGOVERNMENT DEBTGOVERNMENT INVESTMENTGOVERNMENT SECURITIESGOVERNMENT SPENDINGGROSS DOMESTIC PRODUCTHOLDINGHUMAN CAPITALIMPLICIT GOVERNMENT GUARANTEESIMPORTSINCOME LEVELINCOME LEVELSINCOME TAXINDEBTEDNESSINFLATIONINFRASTRUCTURE DEVELOPMENTINFRASTRUCTURE INVESTMENTINSTITUTIONAL CAPACITYINSTRUMENTINSURANCEINTEREST PAYMENTSINTEREST RATE DIFFERENTIALINTEREST RATE DIFFERENTIALSINTERNATIONAL FINANCIAL INSTITUTIONSINTERNATIONAL INVESTORSINTERNATIONAL TRADEINTERNATIONAL TRANSACTIONSINVESTINGINVESTMENT ACTIVITIESINVESTMENT ACTIVITYINVESTMENT DECISIONSINVESTMENT FINANCINGINVESTMENT STRATEGYINVESTOR PROTECTIONISSUANCEJUDICIAL PROCESSESJUDICIAL SYSTEMJUSTICE SYSTEMLABOR MARKETLABOR MARKETSLENDERLENDER OF LAST RESORTLENDERSLIABILITYLINE OF CREDITLIQUIDITYLIQUIDITY RISKSLIVING STANDARDSLOANLOAN APPLICATIONLOAN PORTFOLIOLOCAL CURRENCYLONG-TERM INVESTMENTSMACROECONOMIC POLICIESMARKET CONDITIONSMARKET DEVELOPMENTMARKET DEVELOPMENTSMARKET EFFICIENCYMARKET INSTRUMENTSMARKET INTEREST RATESMARKET SIZEMATURITYMONETARY AUTHORITIESMONETARY AUTHORITYMONETARY POLICIESMONETARY POLICYMONEY MARKETMORTGAGENATIONAL BANKNON-PERFORMING LOANSNPLOIL ECONOMYOIL PRICEOIL PRICESOIL REVENUEOPEN MARKETPAYMENT SERVICESPENSIONPENSION FUNDPENSION FUNDSPENSION SYSTEMPENSIONSPOLICY RESPONSEPOLICY RESPONSESPORTFOLIOPORTFOLIO INVESTMENTPORTFOLIO INVESTMENTSPRIVATE BANKSPRIVATE CONSUMPTIONPRIVATE INVESTMENTPRUDENTIAL REGULATIONSPUBLIC INVESTMENTSPURCHASING POWERREAL EXCHANGE RATEREAL WAGE GROWTHREGULATORY FRAMEWORKREPOREPO MARKETREPO RATEREPO RATESRESERVERESERVE REQUIREMENTSRESERVESRETURNRETURNSRISK FACTORSRULE OF LAWSAFER ASSETSSAFETY NETSAVINGS ACCOUNTSPOT PRICESSTOCK EXCHANGESTOCKSSTRUCTURAL REFORMSSUPPLY-SIDESWAPSWAPSTAXTAX CODETAX INCENTIVESTRADE BALANCETRADE SURPLUSTRADINGTRANSPARENCYTURNOVERWEALTH EFFECTWEIGHTSWITHDRAWALWORKING CAPITALWORLD TRADE10.1596/20670