ipl-logo

Economy Of Kazakhstan Essay

1942 Words8 Pages

CONCEPT NOTE ON KAZAKHSTAN
Introduction-
The level of importance on the improvement in the quality of life of the people has made it absolutely necessary to highlight the distinctions between Economic Growth and Economic Development.
Economic growth is a pure economic process whereby there is an increase in the economy’s GNP due to the increase in the productive capacity of the economy. Economic development, on the other hand, is a multi-dimensional process involving major changes in the social structures, popular attitudes and national institutions, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.
Economic growth is quantitative in nature and it is measured in terms of the …show more content…

The country has got a population of 17.7 million, among which 32% of population is dependent. Kazakhstan has an abundant supply of accessible mineral and fossil fuel resources like Crude Oil, Natural Gas, Potassium, Uranium, Chromium, Lead, Zinc, Manganese reserves, Copper, Coal, Iron, Gold, and Diamonds. The economy of Kazakhstan is mainly dependent on the extraction and export of these natural resources. Kazakhstan, a principal energy producer achieved rapid growth of more than 9% annually in the period of 2002-2004 is because of the high international prices of natural resources provided robust growth in 2005 that kind of market situation helped a newly independent country to take its economy on the path of development. Extractive industries have been and will continue to be the engine of Kazakhstan’s growth, although the country is aggressively diversification strategies so as to not depend on natural resources for the revenue. The Human Development Index of Kazakhstan is 0.754 which is extremely good and they are ranked as 69TH among 209 countries in the world. GDP of Kazakhstan sector wise, only 5% accounts for agriculture, 37.9% industry and 56.9% service sector. The labour force distribution in agriculture is 25.8%, industry is 11.9%, and service accounts for …show more content…

1991- Break away from Soviet block
2. The liberalization of economy during 1995-97 by the Kazakh government resulted in a substantial shifting of assets into the private sector, which in turn brought investment into the country, so in fact the breakup of Kazakh from soviet bloc didn’t affect the country much.

The abundance of oil and natural resources made Kazakhstan an important exporter in world energy markets. Over the past 2 decades, country’s sole revenue is from oil exports which are not a good sign for an economy. So as not to fully dependent on oil for revenue the Kazakh government has formulated plans to depend upon other industries, agriculture and service sectors. The Kazakhstan strategic aspiration is to become a modern, diversified economy with a high value added and high tech component, well integrated in to the global economy. The energy sector is only considered as first step to achieve the goal.

Economic

Show More
Related

  • Merchant Soldier Sage A New History Of Power Summary

    1418 Words  | 6 Pages

    Many countries are in the process of industrializing, such as China, and other countries are in their post industrial era like the United States. When the economy failed in 2008, the entire world was affected. While many of these countries faced hard times after the economic failure, the elites of most still flourished (Priestland, p 232, 233). Any country that was tied to the global market in some way was affected. They were affected because the merchants had created a world economy in which all major world nation participated.

    Read More

  • Industrialization Dbq Essay

    135 Words  | 1 Pages

    With the rise of industrialization occurring during the late 19th century the conditions for laborers in any industry affected by this revolution worsened due to the demand for ever increasing efficiency. Industrialization occurring at the end of the 19th century created a degrading work environment that led laborers to unionize and demand the opposite. Along with better machinery that came with the industrial revolution, management practices also became more efficient. Due to the introduction of better machinery, the need for craft workers decreased by a margin and the need for workers without such skills increased by a larger margin (MindTap, 3.3). With the mixture of an echelon system of management and unskilled labor conflict arose and

    Read More

  • Economic And Cultural World Dbq Essay

    636 Words  | 3 Pages

    The most two worlds that were most affected by being a site of encounter in Quanzhou were the Economic and culture world. The culture world lead to more trade which greatly affected China and the Economic world lead to more education around China. The Culture world was one of the two worlds that was affected by the site of encounter in Quanzhou. “Wang Yuan Mao was a Quanzhou man.

    Read More

  • Communism In Joseph Mccarthy's The Red Scare

    547 Words  | 3 Pages

    Over the next five years the relationship between the two countries’ changed

    Read More

  • Impact Of Petro-Canada On The Canadian Economy

    422 Words  | 2 Pages

    Petro-Canada’s Impact on the Canadian Economy Throughout the 1970s, economic relationships and dynamics worldwide in the energy economy experienced rapid changes, resulting in the incredibly volatile and unstable oil price climate. The issue with energy became a widely debated topic between Trudeau’s liberal government and its critics. During these years, the petroleum industry in Canada was dominated by foreign control, which was mostly American.

    Read More

  • Soviet Union Dbq Essay

    454 Words  | 2 Pages

    Back in the 20th century, Russia was a country known as the Soviet Union. On December 25, 1991, however, the Soviet Union came to an end. When the Soviet Union ended, the country was then renamed to Russia. In this essay, we will compare and contrast the Soviet Union with the current U.S and Russian governments. There are many differences between the Soviet Union and The Russian and U.S governments.

    Read More

  • Why Is Oklahoma A Large Oil Producer In The United States

    688 Words  | 3 Pages

    Since 2009, state crude oil production has increased 86.5%, one of the larger increases in the country. In this case, the increase in oil production in Oklahoma has positively affected its economy (Kent). It has contributed to more than half of the state’s Gross Domestic Product growth rate which is 2.8%. This contribution is so noteworthy, that if Oklahoma didn’t produce oil it would be near the bottom in growth compared to the other states. Since the oil does contribute to the growth, Oklahoma is rated as one of the top in GDP growth rate.

    Read More

  • Exxon Mobil Case Study

    995 Words  | 4 Pages

    As time passes, the importance of environmental considerations is increasing more and more in the society. For projects like these, ExxonMobil must realize that they are affecting the ecosystem, air, biodiversity, human population, fodder, forests, agriculture etc. and this means a lot to Chad and

    Read More

  • Naked Economics Chapter 8 Summary

    493 Words  | 2 Pages

    In chapter 8, the core economic principle that displays itself often is The Consequences of Choices Lie in the Future. This principle presents the idea that what we are doing in today’s economy will have an impact on the future. Whether it is decisions on cutting benefits or raising taxes, any of these could cripple our futures economy. In the chapter, it discusses the fiscal policy and how it saved America’s economy after the depression. By monitoring the nation 's spending budget and taxes, so another depression or a recession does not occur.

    Read More

  • Soviet Union Dbq

    480 Words  | 2 Pages

    The size of the USSR affected political boundaries, and was a contributing factor to the breakup of the USSR. The USSR was made up of fifth-teen Soviet Republics, spanning from Latvia to Tajik. Document A states: “In 1991 the Soviet Union

    Read More

  • Thesis Statement On Bilingual Education

    2123 Words  | 9 Pages

    Integrated education influences other languages and possible positive or negative consequences in near future may turn to actual problems around the world, however a lot of people are not aware of that, so this issue becomes stronger and influences modern world. Therefore, the main purpose of this research is to determine the quality of knowledge in bilingual education system in Kazakhstan, advantages and disadvantages of it. Also, explore opinion of Kazakh people and answer to the questions: • Does this program help to get good quality of knowledge? • Is it profitable to study in the bilingual system from an early age?

    Read More

  • Disadvantages Of Economic Growth

    1571 Words  | 7 Pages

    INTRODUCTION Economic growth is defined as the increased capacity of an economy to be able to produce goods and services in comparison from one period of time to another. This is figured by the genuine Gross Domestic Product (GDP) and development, and is measured by utilizing genuine terms such as “Balanced Inflation”. These terms help to remove any distorted views on the perceived outcome of inflation on the cost of merchandises produced. Likewise, Economic growth is related to the high expectations in a person’s standard of living. If the standards are high, it wouldn’t be beneficial for the economy as the working class individuals will face a lot of trouble.

    Read More

  • Saudi Arabia Pest Analysis

    1062 Words  | 5 Pages

    There is stability in politics and it is undergoing slow political reforms. For the first time in 2005, the local ruling body was held and more such reforms are being expected in the near future. Even though the king has tried to bring some reforms, namely the initiation of a legislative council and local elections, the country 's traditional practices and religious norms aren’t being compromised in the process. The conservative judicial system has no separation of powers and the final decision maker is the authorized judge by the king. Although there is a drive in their economy for foreign investors for sectors such as power, aviation, and telecom etc.

    Read More

  • Essay On Economic Growth And Economic Development

    1597 Words  | 7 Pages

    Economic growth and economic development In measuring and identifying the factors that stimulate the growth of the economy of a nation such as the Republic of India, a distinction needs to be made between economic growth and economic development. For a nation to experience economic growth, there must be an increase in the gross domestic product (GDP), which is a qualitative measure of the value of all finished goods and services produced in that country within a period of time. However, economic development which is usually measured through the human development index (HDI), includes not only an increase in the output of goods and services, but an improvement in the welfare of individuals within a country.

    Read More

  • Roles Of Money In Macroeconomics Essay

    1772 Words  | 8 Pages

    ROLE OF MONEY IN MACROECONOMICS 1. Introduction Money can be seen as the medium of exchange which is acceptable while transaction is being undertaken between two parties. Some of the common forms of money are: - Commodity money: This is when the value of the good represents its value in terms of money like gold or silver. - Fiat money: This is when the value of the good is less than the value it represents - Bank money: It is the accounting credits that can be used by the depositor Money serves a variety of crucial functions in the economy and this is why it has gained an unparalleled influence in the matters of economy at micro as well as macro levels. Some of the features of money that make it so important for any economy are as follows:

    Read More

More about Economy Of Kazakhstan Essay

Open Document