Economy of Kazakhstan: Potential and Risks of Development in Conditions of Turbulence
https://doi.org/10.48137/2687-0703_2021_15_3_146
Abstract
The crisis of 2020 caused by quarantine restrictions of the COVID-19 coronavirus pandemic, the decline in prices of energy sources and demand for them on world markets caused an economic downturn in Kazakhstan. At the same time, the combination of these factors caused a decrease in economic activity, living standards, purchasing power and led to a significant decrease in state revenues. The situation was complicated by the simultaneous growth of state expenditures on healthcare and socially unprotected segments of the population. In this context, the processes of regionalization, in which Kazakhstan had actively participated, began to dissipate at an accelerated rate. For Kazakhstan, the use of foreign economic policy instruments, including multi-vector cooperation, provided access to new markets, which made it possible to reduce the loss of falling revenues from oil and gas exports. The recovery growth in 2021 showed the effectiveness of this approach in the conditions of the traditional raw material model of an export-oriented economy.
About the Author
A. A. Mihranyan
Institute of Economics of RAS;
Institute of the CIS
Russian Federation
Russian Federation
Aza (Azganush) A. Mihranyan, D. Sc. (Economics), Professor, leading researcher, Institute of Economics of RAS; Head of the department of Economic Research, Institute of the CIS.
32, Nakhimov Ave., Moscow, 117218, Russian Federation
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Review
For citations:
Mihranyan A.A. Economy of Kazakhstan: Potential and Risks of Development in Conditions of Turbulence. Geoeconomics of Energetics. 2021;(3):146-162. (In Russ.) https://doi.org/10.48137/2687-0703_2021_15_3_146
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