World Bank2014-01-292014-01-292013-10https://hdl.handle.net/10986/16688While the world economy continues to be unsettled, economic growth in Kazakhstan has been solid. Strong domestic demand, coupled with increased oil output and favorable weather conditions, is likely to boost economic growth. An expansion of credit was the key driver of growth in private consumption and investment activity in 2013. Income growth in the country had a positive impact on poverty indicators, with prosperity shared broadly. Prudent macroeconomic policy has helped the economic performance. Prospects of additional oil output with Kashagan coming on stream will help boost economic activity in the coming years and increase Kazakhstan s vulnerability to external shocks unless the country succeeds in diversifying its endowments from natural resources to stronger institutions and higher quality human capital. In his recent speech on the strategic vision Kazakhstan-2050, the President of Kazakhstan highlighted the need to diversify the endowments of the country to achieve its development objectives. He reiterated the key development priorities for the country to become one of the top 30 developed countries by 2050. Trade policy will remain a central instrument to help the country integrate into the global economy, but Kazakhstan will face a complex trade policy environment in the medium-term.en-USCC BY 3.0 IGOACCOUNTINGADMINISTRATIVE PROCEDURESAGGREGATE DEBTAGRICULTURAL OUTPUTAGRICULTUREALLOCATIVE EFFICIENCYASSETSBALANCE OF PAYMENTSBANKING SECTORBASE YEARBUDGET DEFICITBUDGETINGCAPACITY BUILDINGCAPITAL ADEQUACYCAPITAL INFLOWSCENTRAL BANKCENTRAL BANKSCOMPETITION POLICYCOMPETITIVENESSCONCEPTUAL FRAMEWORKCONSOLIDATIONCONSUMER BASKETCONSUMER CREDITCONSUMER LOANSCONSUMER PRICE INFLATIONCONSUMERSCONSUMPTION GROWTHCREDIT EXPANSIONCREDIT GROWTHCURRENCYCURRENT ACCOUNTCURRENT ACCOUNT BALANCECURRENT ACCOUNT DEFICITCURRENT ACCOUNT SURPLUSCUSTOMS DUTYCUSTOMS UNIONDEBTDEPOSITDEVELOPED COUNTRIESDEVELOPING COUNTRIESDOMESTIC DEMANDDUTCH DISEASEECONOMIC ACTIVITYECONOMIC DEVELOPMENTECONOMIC EXPANSIONECONOMIC GROWTHECONOMIC INTEGRATIONECONOMIC RESEARCHECONOMIC SUSTAINABILITYEFFICIENT REGULATIONEMERGING MARKETSEQUIPMENTEXCHANGE RATEEXCHANGE RATE FLEXIBILITYEXCHANGE RATE POLICYEXCHANGE RATESEXOGENOUS SHOCKSEXPENDITUREEXPENDITURESEXPORT REVENUEEXPORT REVENUESEXPORTERSEXPORTSEXTERNAL BALANCEEXTERNAL DEBTEXTERNAL DEMANDEXTERNAL POSITIONEXTERNAL SHOCKSEXTERNAL TRADEFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL SECTORFINANCIAL SUPPORTFINANCIAL SUSTAINABILITYFISCAL BALANCEFISCAL BALANCESFISCAL POLICYFISCAL REFORMFIXED ASSETSFIXED CAPITALFIXED INVESTMENTFOOD PRICEFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESFOREIGN INVESTMENTFOREIGN MARKETSFREE TRADEFREE TRADE AGREEMENTFREE TRADE AGREEMENTSGDPGDP PER CAPITAGINI COEFFICIENTGLOBAL ECONOMYGLOBAL TRADEGOLDGOLD RESERVESGOVERNMENT DEBTGOVERNMENT REVENUEGOVERNMENT SPENDINGGROSS DOMESTIC PRODUCTGROWTH RATEHUMAN CAPITALHUMAN DEVELOPMENTHUMAN RESOURCEIMPORTIMPORTSINCOMEINCOME GROWTHINCOME TAXINDUSTRIALIZATIONINFLATIONINFRASTRUCTURE DEVELOPMENTINITIAL PUBLIC OFFERINGINSTITUTIONAL CAPACITYINSTRUMENTINSURANCEINTERNATIONAL PRICESINTERNATIONAL RESERVESINTERNATIONAL TRADEINVESTMENT ACTIVITYINVESTMENT DECISIONSIPOISSUANCEJUDICIAL SYSTEMJUSTICE SYSTEMLABOR FORCELABOR MARKETLIQUIDITYLOANLOAN PORTFOLIOLOCAL GOVERNMENTSMACROECONOMIC PERFORMANCEMACROECONOMIC POLICYMACROECONOMIC STABILITYMACROECONOMIC VOLATILITYMARKET ACCESSMARKET ECONOMYMARKET RATESMETALSNATIONAL BANKNATURAL CAPITALNATURAL RESOURCENATURAL RESOURCESNEGATIVE SHOCKSNET EXPORTSNOMINAL EXCHANGE RATESNON-PERFORMING LOANSNPLOILOIL ECONOMYOIL EXPORTOIL EXPORTSOIL PRICEOIL PRICESOIL REVENUEOIL REVENUESOIL SECTORPARTIAL PRIVATIZATIONPEGPENSIONPENSION ASSETSPENSION FUNDPENSION FUNDSPENSION SYSTEMPERSONAL INCOMEPOLICY ENVIRONMENTPOLICY MAKERSPOPULATION GROWTHPRICE INCREASEPRICE INCREASESPRICE OF OILPRIVATE CONSUMPTIONPRIVATE INVESTMENTSPRODUCERSPROPERTY TAXESPUBLIC DEBTPUBLIC DEBT STOCKSPUBLIC FINANCEPUBLIC INVESTMENTPUBLIC SECTOR DEBTPURCHASING POWERPURCHASING POWER PARITYREAL EXCHANGE RATEREAL GDPREGULATORY FRAMEWORKREGULATORY PRACTICESREGULATORY REFORMREGULATORY SYSTEMREMITTANCESRESERVESRETAINED EARNINGSRETURNRETURN ON ASSETSRULE OF LAWSECTOR REFORMSLOWDOWNSTOCKSSTRUCTURAL REFORMSSUSTAINABLE GROWTHTARGET RANGETARIFF REVENUESTAXTAX RATESTAX REGIMESTAX SYSTEMTERMS OF TRADETERRORISMTOTAL CREDITTOTAL IMPORTSTRADABLE GOODSTRADE BALANCETRADE DISPUTESTRADE DIVERSIONTRADE NEGOTIATIONSTRADE PERFORMANCETRADE POLICYTRADE REFORMSTRADE STRATEGYTRADE SURPLUSTRADE SURPLUSESTRANSPARENCYTREATYUNEMPLOYMENTUNEMPLOYMENT RATEWEIGHTSWELFARE GAINSWORLD ECONOMYWORLD TRADEWORLD TRADE ORGANIZATIONWTOWorld Bank10.1596/16688