An Overview of Online Source for Current Data

GDP: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=KZ

GDP per capita: https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=KZ

Inflation rate: https://tradingeconomics.com/kazakhstan/wages

Unemployment: https://data.worldbank.org/indicator/SL.UEM.TOTL.ZS?locations=KZ

Monthly wages: https://tradingeconomics.com/kazakhstan/wages

Despite challenges from decreased oil production and supply-chain issues stemming from the country's economic ties with Russia, Kazakhstan recorded 3.2% GDP growth in 2022. The economy is expected to see a moderate increase in growth to 3.5% in 2023 and to 4% in 2024, led by the hydrocarbons sector as oil production rises thanks to several new projects.

Kazakhstan is one of the most resource-rich countries in the world. It has extensive oil and natural gas deposits as well as many other mineral resources such as tin, uranium, lead, zinc, bauxite, gold, manganese, silver and copper. Therefore, the main export goods are mineral fuels. Main trading partners are China and Russia, which entails a high degree of economic dependency on these countries.

Since the 2000s, Kazakhstan has seen impressive economic growth driven by market-oriented reforms, mineral resources extraction, and strong FDI. Sustained economic growth has transformed the country into an upper middle-income economy, raising living standards and reducing poverty.

However, this progress masks weaknesses and unevenness in the country's development model. Slowing economic growth, growing inequality and capture by elites reflect the weaknesses of the resource-based and state-led growth model.

Kazakhstan needs to introduce reforms in carbon and energy pricing and invest in climate adaptation. Since Kazakhstan's economy relies heavily on oil revenues, the government should focus on diversifying the economy considering the global trend toward decarbonization. The transition to renewable energy must be accelerated to ensure a sustainable and resilient economic future.

Organizations:

Kazakhstan is a member of both the Commonwealth of independent states (CIS) and the Eurasian Economic Union (EAEU).

Commonwealth of Independent States (CIS)

The CIS was established in 1991 with the aim of creating a common economic and security area. The CIS currently has ten members, as Ukraine withdrew in 2018 in protest against the annexation of Crimea. The institution never achieved its real goal and now exists only on paper. After the collapse of the Soviet Union, however, the CIS enabled a regulated "separation" of the former Soviet states. 

Eurasian Economic Union (EEU or EAEU)

The Eurasian Economic Union emerged from the Eurasian Economic Community in 2015. The primary goal of the EEU is to create a common market and a free trade area. Among the five members, Russia is by far the largest country and dominates the EEU. Thus, in 2019, the share of the Russian economy in the combined GDP of the EEU was 87%. Accordingly, much of the trade takes place between Russia and each of the other member states. (For more information on the EEU see part 3 of this online learning unit).

Other Important Organizations