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Article · The Journal of Economic Research & Business Administration · June 22, 2021

Экономическая трансформация Казахстана за три десятилетия независимости

Zhansaya Temerbulatova, Bulat Mukhamediyev

Zhansaya Temerbulatova
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Abstract

The article traces the path of transformation of the economy of Kazakhstan over the years of independenceand marks the critical points in its development. The analysis of the stages from the first stepsin the role of independent state to the current period of the pandemic is carried out. It is based on internationalorganizations’ research on Kazakhstan, strategic development plans, messages of the Presidentof country, as well as statistical data from the Bureau of National Statistics of the Agency for StrategicPlanning and Reforms of the Republic of Kazakhstan. The turning points in the country’s developmentare indicated: the resumption of ties with the former Soviet republics, the inflow of foreign investmentand rapid economic growth in the early 2000s, the global financial crisis of 2008-2009, the deepeningof Eurasian integration, a sharp drop in the world oil price in 2015-2016 years, the COVID-19 pandemic.The article concludes that revenues from the export of raw materials ensure economic growth only inthe short term, and long-term sustainable growth requires diversification of the country’s economy andexports, in particular, development of service sector, development of human capital and industries withhigh added value. It is also important to increase the productivity of basic sectors of the economy, suchas industry, agriculture, transport.Key words: economic growth, export, foreign direct investment, government programs, diversification,competitiveness.

Post-Communist Economic and Political TransitionNatural Resources and Economic DevelopmentGlobal Political and Economic Relationseconomic transformationKazakhstanpost-independence economic development

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