This website uses cookies to ensure you have the best experience. Learn more

Kazakhstan's Economy In Global Market Essay

3331 words - 14 pages

Kazakhstan`s place in Global Economy

Dinara Zhangabayeva 145075
International business (MGMT 550)
28- 12- 2015

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...

Other assignments on Kazakhstan's Economy In Global Market

Principles Of Management Essay

964 words - 4 pages , labor, regulation partnership business, regulation company business, foreign exchange Technological- discovery of new method and implements for the production of goods and services. 7. What are some key strategies for developing a competitive edge in today’s competitive global market? How important is customer satisfaction? plans for globalization and global reach, region-specific workforces, region-specific marketing Customer satisfaction

Politics And Global Warming Essay

2031 words - 9 pages between 1-2% of the world GDP per year by 2050. The way in which societies and economies work would change drastically, thanks to the high level of investment. Moreover, the best manner to conserve an efficient clean technology economy is through the adequate production and consumption of new sources, whether re-orienting the usual fossil fuels for renewables or developing new technologies for the future. The total growth of the global market for

Indian Economy

559 words - 3 pages The economy of India is the eleventh largest economy in the world by nominal GDP[1] and the fourth largest by purchasing power parity (PPP).[9] Following strong economic reforms from the socialist inspired economy of a post-independence Indian nation, the country began to develop a fast-paced economic growth, as free market principles were initiated in 1990 for international competition and foreign investment.[10] India is an emerging economic

Organized Retail Industry – India

256 words - 2 pages Organised Retail Industry – India Indian organised retail market is only about 8% of the total domestic retail market. It is expected that this sector will grow to about 20% in the next 8 to 10 years. This is a huge opportunity area for any company with a good financial capacity and market knowledge. [pic] Major portion of the existing market share is with Indian companies with a few Joint Ventures of global giants. FDI policies of

I Love This Padge

3812 words - 16 pages International Political Economy Contents 1.0 Explanation of: 3 1.1 Free Market System 3 1.2 Command System 3 1.2 Mixed Economy System 4 1.4 Islamic Economic System 5 2.0 Introduction 6 3.0 Description of the Malaysian Economic System 7 4.0 What caused the failure of the Free Market System in Malaysia 10 5.0 How does the Government intervene? 11 Reference 13 1.0 Explanation of: 1.1 Free Market System Free

Making The Right Call

328 words - 2 pages for the entire range of existing services, application by application. HFI supported Globe from creating a sustainable and permanent user experience (UX) design and gave a promising result. III. Statement of the Problem Primary Problem: How Globe and HFI collaboration made a significant differentiation in the global market? Secondary Problem: How Globe manage to overcome the decreasing uptake of revenue due to third party value added

International Management

315 words - 2 pages Avon in Global Markets: Managing and Developing a Diverse Workforce, in Deresky, H., International Management: Managing Across Borders and Cultures, (5th edition), Prentice Hall: 401-405 ===================================================================================================== Case Study #6: Avon in Global Market in 2009: Managing and Developing a Global Workforce 1. Referring to this chapter and chapter 9, evaluate Avon’s

Canada's Economic Action Plan

1030 words - 5 pages underrepresented in the job market (examples: Aboriginals, newcomers, youth) • Promoting education in high demand fields • Providing scholarships for post-secondary education The second topic discussed in the Economic Action Plan is Helping Manufacturers and Businesses Succeed in the Global Economy. This is an extremely important portion of the plan because Canadian businesses have many challenges to overcome because of the competitive market


1357 words - 6 pages order to improve the global economy. The globalization is the amalgamation of economics and societies all over the world. Globalization including economic, technological, political, and cultural exchanges made possible largely by advances in communication, transportation, and infrastructure (Hotbabefacthicks, 2010). The global financial crisis refers to a widespread economic emergency that began in 2007. Beginning with the crash of the United


394 words - 2 pages ? _____________________________________________________________________________________ ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 5. Taiwan has thrived in the global economy by specializing in what they do best! How have they managed to survive and prosper without producing their traditional rural products? Are there any dangers

Complexities Of The Us Economy

563 words - 3 pages Complexities of the U.S. Financial System Professor Crawford Finance 100 10/28/2014 Complexities in the US Financial System The Federal Reserve System is the most powerful component of the US Economy. The Federal Reserve is made up of four components. There is a seven member Board of Governors that direct monetary policy. A 12 member Federal Open Market Committee (FMOC) that sets the target for the federal funds rate which

Similar Documents

Role Unions Play In A Global Economy

1038 words - 5 pages Role Unions Play in a Global Economy In the present day, a lot of people converse about how much the economy has changed and the new economy. For instance, in the United States buyers want more high-quality services and merchandise, more than ever before and they want it custom-made to their specific needs. Technology is continually and rapidly changing, which generates innovative, high-quality goods; therefore customer’s needs are altering

Why Business Goes Golbal? Essay

774 words - 4 pages their share so a company might decide to join that market too or in simple words we can say that when the market is attractive. • Government Incentive: • Over Capacity: Company goes global when there is over capacity in the production and the goods are produced more than the market demand or making use of the things or resources which are free or not used most of the time. • Economy of Scale: When a company gains experience

Finance Essay

315 words - 2 pages to raise capital and accelerate industrial growth for overall benefit of the economy.” The Chittagong Stock Exchange believes that a dynamic, automated, transparent stock exchange is needed in Bangladesh. It works towards an effective, efficient and transparent market of international standard to serve and invest in Bangladesh in order to facilitate the competent entrepreneurs to raise capital and accelerate industrial growth for overall

Information System Essay

1763 words - 8 pages including ownership rights via trade and investment, and often by people via migration. It can be and often facilitated by lowering of government impediment to that movements or by technological progress, notably in transportation and communication. Again has been defined by Todaro M,P and smith W,C 2003 as a process by which the economies of the World become increasingly integrated leading global economy with global economic policy making, through