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Kazakhstan's Economy In Global Market Essay

3331 words - 14 pages

Kazakhstan`s place in Global Economy

Dinara Zhangabayeva 145075
 
International business (MGMT 550)
 
Submitted to ASSOC. PROF. DR. AKER SULE
 
28- 12- 2015

Introduction
At the turn of 20-21 centuries, the world economy has entered a new phase of internationalization of economic life, which is defined as globalization. Globalization of the world economy as multidimensional process manifests itself in substantially all major aspects of modern economic life. The world is getting united through globalization. This is happening because of the technological advancements in the recent decades and the global organizations that made trading and capital movements easier. Regulations ...view middle of the document...

Today, the economy of Kazakhstan is the largest economy in Central Asia. Republic of Kazakhstan has a huge amount of all kinds of natural resources such as oil, gas and mineral commodities, with arable land to use, professional labor and potential for large industrial progress. The rich natural resources, social and political stability in the country makes this region one of the most attractive area for foreign capital investments among the republics of the former Soviet Union.
Kazakhstan’s economy in the globalized world.
Globalization can be called a leading trend in the modern world’s economy because it is observed even in those countries where the rest of the modern trends of the world’s economy are weak. After the collapse of the Soviet Union, Kazakhstan became the last republic which declares their independence on 16th of December 1991.
Despite the economic and political difficulties of country faced earlier Kazakhstan had to adopt with the international environment by building diplomatic relations with other international entities, making the engagement in conversation with international organizations and by creating opportunity for socio-economic and domestic policy reforms. The development of Kazakhstan’s economy can be considered into three stages of economic growth.
The first years of independence were not economically stable. In the period from 1991 to 1995 in Kazakhstan was in a recession. The country's economy was in a high inflation environment, the imbalance of revenues and expenditures of the budget system, a sustainable budget deficit, rising energy prices and uncontrolled monopoly producers. Soft monetary policy plus the liberalization of prices, in which there was a desire to raise prices to world levels, have led to hyperinflation, which in 1992 exceeded 2500%. Kazakhstan under these conditions needs to develop tough financial and monetary policies as well as the introduction of its own national currency. The head of state Nursultan Nazarbayev introduced the new national currency of Kazakhstan in 15th of November, 1993. The currency is called “Tenge”. The period of introduction of the national currency in Kazakhstan is characterized by an increasing recession and tremendously high inflation. In 1993, the average monthly rate of inflation was 30.1%, the decline in real GDP - 9.2%. Under these conditions, the Government and National Bank have identified as priorities for the gradual reduction of inflation and at the same time curbing the decline in production. In 1995, Kazakhstan's economy was getting out from the economic recession and there was a significant decline in inflation achieved by using the tools of monetary policy. The measures taken to curb hyperinflation: inflation fell from 2265% in 1993 to 60% in 1995. In the mid-1990s, Kazakhstan launched plans to reform the economy such as “Kazakhstan 2030. Prosperity, security and improvement of welfare of the citizens of Kazakhstan”. The prospects of Economic...

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