World Bank Group2015-12-082015-12-082015-11-30https://hdl.handle.net/10986/23236Kazakhstan’s economy faces the challenge of adjusting to a large terms-of-trade shock in a context of declining domestic and external demand. The authorities responded to the collapse of global oil prices through a rapid fiscal adjustment followed by corresponding monetary and exchange-rate policy adjustments. A difficult external environment will continue to affect Kazakhstan’s medium-term outlook. In the medium term, the economy continues to face significant downside risks, including the possibility of delays in Kashagan offshore oil production or a protracted recession in Russia and a further slowdown in China. Over the longer term, diversification of the economy will be required to increase its resilience to external shocks.en-USCC BY 3.0 IGOTAX INCENTIVESDEBT SOURCETARIFFSREPO AUCTIONSMONETARY POLICYDEFICITDEPOSITDEBT ACCUMULATIONLIABILITYOIL PRICENPLACCOUNTINGDEPOSITSFOREIGN DIRECT INVESTMENTSSTOCKFOREIGN INVESTORSVALUATIONREPOINTERESTGUARANTEESDEBT CRISISDEBT STOCKINTEREST RATEEXCHANGEBANKING SYSTEMBALANCE OF PAYMENTSECONOMIC DEVELOPMENTSLIQUIDITYDEVELOPING COUNTRIESDOMESTIC MARKETINFRASTRUCTURE DEVELOPMENTREVENUESPORTFOLIOMORTGAGEDEVALUATIONLOANCAPACITY BUILDINGBORROWERSCAPITAL STOCKTAXRESERVEMARKET ACCESSWEALTH EFFECTINVESTMENT REGIMEASSET POSITIONINFLATIONPENSIONDEBT BURDENINSTRUMENTSREPAYMENT SCHEDULEBANK LENDINGBUDGETMARKET PARTICIPANTSCENTRAL BANKFOREIGN MARKETSLABOR MARKETOIL PRICESINVESTMENT SPENDINGCURRENCYTELECOMMUNICATIONSBANK ASSETSCAPITAL FORMATIONINFLATIONARY PRESSURESSTATE GUARANTEESINTEREST RATESCAPITAL OUTFLOWSMARKETSDEBTPRIVATE INVESTMENTBOND ISSUEINFLATION RATESETTLEMENTBUDGET DEFICITSHORT-TERM CAPITALLOANSDIRECT INVESTMENTRESERVESCREDIT PROGRAMSPORTFOLIO INVESTMENTSDEBT SERVICERULE OF LAWLEGAL FRAMEWORKFINANCETAX POLICIESPUBLIC INVESTMENTBANKING SECTORFLOATING EXCHANGE RATEFISCAL DEFICITEXPENDITUREREPO MARKETAUCTIONSEMERGING MARKETSEQUITYTRANSACTIONNATIONAL SECURITYINVESTORSDEBT PAYMENTSHUMAN CAPITALRATES OF INFLATIONDOMESTIC MARKETSINTERNATIONAL TRADETRANSPARENCYFINANCIAL CRISISMARKET PRICESFOREIGN DIRECT INVESTMENTFIXED CAPITALBUDGETSPURCHASING POWERFOREIGN INVESTMENTOVERNIGHT REPOINVESTOR CONFIDENCEINVESTMENT PROJECTSCONTRACTBANK BALANCE SHEETSREPAYMENTEXPENDITURESAMORTIZATIONCAPITAL FLOWSFINANCIAL ASSETSHARESREAL EXCHANGE RATEMARKETFOREIGN EXCHANGENET DEBTLOANS TO INDIVIDUALSNON-PERFORMING LOANINVESTMENT POLICYPUBLIC DEBTMARKET INTEREST RATESLONG-TERM INVESTMENTSHOLDINGSGOVERNMENT DEBTECONOMIC DEVELOPMENTINVESTORGOODSTIME DEPOSITSMARKET SHARESECURITYASSET-LIABILITY MISMATCHESSTOCKSREPO RATEDEBT INSTRUMENTSSTOCK EXCHANGENATIONAL BANKINVESTMENTBONDEUROBONDHOST COUNTRYSHAREBALANCE SHEETSPOVERTYTARIFFPOLITICAL STABILITYFINANCIAL ASSETSBIDREVENUEREINVESTMENTMONEY MARKETEXTERNAL DEBTTAX POLICYINVESTMENTSSHARE OF INVESTMENTSLENDINGCONSUMER PRICE INDEXCREDIT GROWTHSWAPSPENSION FUNDTRANSITION ECONOMIESMACROECONOMIC POLICIESDEBT SWAPEXCHANGE RATEINSTRUMENTPUBLIC DEBT STOCKREMITTANCESPUBLIC SPENDINGPROFITSCAPITAL INVESTMENTDIRECT INVESTMENTSLIABILITIESSWAPNONPERFORMING LOANSCORPORATE INSOLVENCYEXTERNAL BORROWINGReportWorld Bank10.1596/23236