1. Kazakhstan Economic Update, Fall 2015 : Adjusting to Lower Oil Prices--Challenging Times Ahead
- Author
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World Bank Group
- Subjects
MARKET ACCESS ,INVESTMENT ,CAPITAL FLOWS ,VALUATION ,TAX ,FOREIGN INVESTORS ,BANKING SYSTEM ,BUDGET ,PENSION FUND ,PRIVATE INVESTMENT ,FINANCIAL ASSET ,NET DEBT ,INFLATIONARY PRESSURES ,CREDIT PROGRAMS ,GOVERNMENT DEBT ,DEPOSIT ,FINANCIAL ASSETS ,INFLATION ,FISCAL DEFICIT ,STOCKS ,DOMESTIC MARKET ,BANK LENDING ,INVESTOR CONFIDENCE ,REPO RATE ,LENDING ,INVESTMENTS ,INSTRUMENT ,RULE OF LAW ,FINANCIAL CRISIS ,STOCK ,INFLATION RATE ,BANK BALANCE SHEETS ,DEBT SERVICE ,LOANS TO INDIVIDUALS ,BALANCE SHEETS ,POVERTY ,CONSUMER PRICE INDEX ,PENSION ,INVESTORS ,CREDIT GROWTH ,POLITICAL STABILITY ,SHARES ,RESERVES ,GOODS ,TIME DEPOSITS ,PUBLIC SPENDING ,LOANS ,ASSET-LIABILITY MISMATCHES ,CORPORATE INSOLVENCY ,SETTLEMENT ,TRANSPARENCY ,REAL EXCHANGE RATE ,REPO ,MORTGAGE ,EMERGING MARKETS ,NPL ,STATE GUARANTEES ,TARIFF ,CAPITAL INVESTMENT ,FOREIGN DIRECT INVESTMENT ,BALANCE OF PAYMENTS ,BORROWERS ,DEPOSITS ,MARKETS ,PORTFOLIO INVESTMENTS ,FINANCE ,BID ,TAX POLICY ,FLOATING EXCHANGE RATE ,PURCHASING POWER ,EXTERNAL DEBT ,DOMESTIC MARKETS ,DEVALUATION ,DEBT ACCUMULATION ,SWAPS ,LIABILITIES ,LABOR MARKET ,STOCK EXCHANGE ,SHORT-TERM CAPITAL ,DEBT INSTRUMENTS ,SWAP ,MONETARY POLICY ,LIQUIDITY ,INSTRUMENTS ,INTEREST RATES ,DEBT PAYMENTS ,DEBT SOURCE ,PUBLIC DEBT ,DEBT ,GUARANTEES ,BANKING SECTOR ,MARKET ,INVESTMENT REGIME ,NON-PERFORMING LOAN ,LONG-TERM INVESTMENTS ,DEBT SWAP ,AUCTIONS ,BUDGET DEFICIT ,FIXED CAPITAL ,ECONOMIC DEVELOPMENT ,CENTRAL BANK ,NATIONAL BANK ,CAPITAL OUTFLOWS ,REPO MARKET ,MARKET PRICES ,MACROECONOMIC POLICIES ,INVESTMENT PROJECTS ,TAX INCENTIVES ,FOREIGN DIRECT INVESTMENTS ,DIRECT INVESTMENTS ,FOREIGN EXCHANGE ,PORTFOLIO ,INVESTMENT POLICY ,EXCHANGE ,REPAYMENT SCHEDULE ,ACCOUNTING ,BUDGETS ,SECURITY ,FOREIGN MARKETS ,MARKET PARTICIPANTS ,REMITTANCES ,TARIFFS ,REPO AUCTIONS ,SHARE OF INVESTMENTS ,INTERNATIONAL TRADE ,AMORTIZATION ,DEBT STOCK ,CAPITAL STOCK ,HOST COUNTRY ,RESERVE ,OIL PRICES ,LIABILITY ,EXCHANGE RATE ,HUMAN CAPITAL ,TELECOMMUNICATIONS ,REVENUE ,PUBLIC DEBT STOCK ,CURRENCY ,HOLDINGS ,EQUITY ,BOND ,TRANSITION ECONOMIES ,ECONOMIC DEVELOPMENTS ,RATES OF INFLATION ,EUROBOND ,DIRECT INVESTMENT ,MARKET INTEREST RATES ,EXTERNAL BORROWING ,PROFITS ,LOAN ,DEBT CRISIS ,EXPENDITURES ,REINVESTMENT ,DEVELOPING COUNTRIES ,NONPERFORMING LOANS ,MONEY MARKET ,MARKET SHARE ,CONTRACT ,OIL PRICE ,REPAYMENT ,FOREIGN INVESTMENT ,INVESTOR ,INTEREST ,LEGAL FRAMEWORK ,NATIONAL SECURITY ,WEALTH EFFECT ,CAPITAL FORMATION ,BANK ASSETS ,INFRASTRUCTURE DEVELOPMENT ,REVENUES ,DEBT BURDEN ,CAPACITY BUILDING ,PUBLIC INVESTMENT ,DEFICIT ,OVERNIGHT REPO ,BOND ISSUE ,TAX POLICIES ,SHARE ,INTEREST RATE ,INVESTMENT SPENDING ,ASSET POSITION ,EXPENDITURE ,TRANSACTION - Abstract
Kazakhstan’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.
- Published
- 2015