Kazakhstan Economy - A Brief Overview
Kazakhstan is the biggest economy of Central Asia. Richness of oil reserves in Kazakhstan gives the country an edge over other Central Asian countries and many other countries in the world. Kazakhstan has other natural resources too. It has huge potential in agriculture sector too with its vast steppe lands accommodating both livestock and grain production. Today Central Asia is of utmost importance for Asia and Europe as this region connects both. Even US has got lot of interests in Central Asia and China's 'One road one belt' initiative is quite huge. So in this article we will see what are the Driving Factors of Kazakhstan Economy and How Kazakhstan economy is doing in current time?
Kazakhstan since Soviet times is biggest economy out of five stans countries. Kazakhstan economy depends on few factors. First is Oil. Then mountains in Kazakhstan allows growth of apples and walnuts; both species grow wild there. Then comes the industrial sector of Kazakhstan. Industrial sector in Kazakhstan is driven by extraction and processing of natural resources like oil, minerals and metals. Other industry in Kazakhstan is machine building. Kazakhstan is specialized in building construction equipment's, tractors, agriculture machinery and military items. Kazakhstan has international space station and it allows other countries like Russia and others to use its station to launch space shuttles. So these are some driving factors of Kazakhstan Economy.
How has the economy of Kazakhstan fared over a period of time?
After the collapse of Soviet Union Kazakhstan economy could not grow as fast as it set out for. Since 1991 Kazakhstan has formed policies around privatisation. During soviet times Kazakhstan mainly was agrarian economy and control was central but after the breakup from Soviet Union the focus has been to be market driven economy. Kazakhstan over the years is trying to become modern and efficient economy. But it has not resulted in quite a good shape. Widespread Corruption and other reasons have not allowed economy to reach its potential. In 2000s, Kazakhstan's economy grew sharply, aided by increased prices on world markets for Kazakhstan's leading exports—oil, metals and grain. GDP reached 9.6% in 2000 jumping from mere 1.7% in 1999. But this did not stay when oil prices started going down in 2014. In 2015 when World economic forum complied its Global Competitiveness ranking, Kazakhstan was ranked 50th out of 144 countries.
In recent times Kazakhstan is focusing heavily on state infrastructure development. Even though Kazakhstan is land locked country and far from any ocean but it knows that it can be a bridge between Asia and Europe as it was in the past. So all the trade from Asia to Europe can happen through roads of Central Asia and Kazakhstan thus is investing heavily on infrastructure development. Even China and Russia including India is quite interested in having a good economic relations with Kazakhstan. Kazakhstan being major energy supplier in the world should grow fast even after slump in last few years. Life style and job creation is increasing in Kazakhstan. Almaty and Astana are two bustling cities of Kazakhstan attract lot of tourists and has become global business centers too.
Read More: About Kazakhstan
Recent Blog
30 May
Travel 
Admin Coments (8)
Best Time to Visit Egypt: Everything You Should Know!
Egypt is an iconic tourist destination that offers an unmatched mix of ancient wonders, rich culture...
Read More
29 May
Travel Admin Coments (8)
Trekking in Sapa: What You Need to Know
Sapa, a town in the Hoang Lien Son Mountains, is one of the most famous trekking destinations in the...
Read More
23 May
Travel Admin Coments (8)
Bali Food & Cuisine: Discover the Essence of Balinese Taste
Besides the beaches and rice terraces, Bali has a mouthwatering culinary heritage. Bali food scenes...
Read More
21 May
Travel Admin Coments (8)
Best Cities in Greece to Visit for Stunning Coastal Views
Greece, the dreamy wonderland, is among the most beautiful destinations to visit in the world. Every...
Read More
20 May
Travel Admin Coments (8)
Armenian Markets and Restaurants: What to Buy and Eat
If you are in Armenia and wondering where to go shopping and eat delicious local cuisine, this guide...
Read More
19 May
Travel Admin Coments (8)
Top 20 Places to Visit in Hoi An That Are Absolutely Gorgeous
Hoi An is among the most-visited cities in Vietnam and is always packed with tourists. Whether they...
Read More
17 May
Travel Admin Coments (8)
11 Best Countries to Visit in South America
South America is a contrasting continent with an infectious and fearless spirit that will sweep you...
Read More
16 May
Travel Admin Coments (8)
All-Inclusive, All Together: The Value of Group Tours
Whether you are a first-time traveler, a skilled explorer, or a frequent tripper, group tours cater...
Read More
11 May
Travel Admin Coments (8)
Top 10 Indian Restaurants in Baku, Azerbaijan
Do you miss the taste of your country on your vacation in Baku? If yes, don’t worry because you can...
Read More
06 May
Travel Admin Coments (8)
Central Asian Countries: What You Need to Know Before You Visit
Central Asia is a landlocked, culturally diverse, and historically rich region at the crossroads of...
Read More
05 May
Travel Admin Coments (8)
Summer in Almaty: Your Next Cool Escape from India’s Heat
Almaty is a perfect destination for Indian travelers for a summer getaway. Blessed with the fresh ai...
Read More
05 May
Travel Admin Coments (8)
20 Affordable Places to Travel in the World from India
If you are a budget traveler looking for cheap places to travel in the world from India, here are th...
Read More
04 May
Travel Admin Coments (8)
18 Balkan Food and Cuisine You Must Try
The world Balkan is a Turkish word and a geographical designation Balkan region or Balkan states con...
Read More
04 May
Travel Admin Coments (8)
25 Budget International Trips from India
The world is vast and full of places that are worth visiting. With countless destinations around the...
Read More
04 May
Travel Admin Coments (8)
20 Best Countries to Visit in Asia on Your Next Vacation!
Asia, the largest continent in the world, is a place of wonders and vistas. Filled with awe-inspirin...
Read More
03 May
Travel Admin Coments (8)
20 Most Beautiful Cities in the World that You Must Explore
The world is gigantic. There are vast landscapes waiting to be unearthed. So many countries are ther...
Read More
03 May
Travel Admin Coments (8)
15 Cheapest Countries in Asia to Visit on Your Next Holiday
Asia, the largest continent in the world, is filled with breathtaking destinations to travel. From U...
Read More
03 May
Travel Admin Coments (8)
10 Best Southeast Asian Countries to Visit
Southeast Asia is the most preferred vacation destination among globetrotters. Brimming with tropica...
Read More
02 May
Travel Admin Coments (8)
20 Best Turkish Food & Cuisine You Must Try
Be it appetizers, main courses, desserts, juices, or drinks, Turkish food will mesmerize your taste...
Read More
02 May
Travel Admin Coments (8)
42 Best Cities to Visit in Europe
Europe holds a special place in every tourist’s heart. It is a vast space for a traveler, overwhelme...
Read More
02 May
Travel Admin Coments (8)
10 Indian Restaurants in Moscow, Russia
The Indian restaurants in Moscow offer delightful delicacies that relish your soul and appetite.
Read More
02 May
Travel Admin Coments (8)
10 Best Shopping Malls in Baku, Azerbaijan
Baku is the capital city of Azerbaijan and the central destination for shopping There are many colou...
Read More
02 May
Travel Admin Coments (8)
20+ Popular Asian Food and Cuisine You Must Try
Asian food is as amazing as this beautiful continent. With a vast and diverse culinary landscape, As...
Read More
02 May
Travel Admin Coments (8)
Pursue the Top Hiking Trails in Georgia for Heavenly Landscapes
Hiking in Georgia is as popular as the wine-making culture. Whether you want to climb lush green mou...
Read More
01 May
Travel Admin Coments (8)
Baku Travel Itinerary: How to Spend 5 Days in Azerbaijan’s Capital
Are you planning a Baku trip? Here is a Baku travel itinerary for 5 days, which includes everything...
Read More
01 May
Travel Admin Coments (8)
Almaty on a Budget: Luxury Holidays Without Breaking the Bank
Luxury holidays do not always mean breaking the bank. Some destinations offer you unlimited fun with...
Read More
01 May
Travel Admin Coments (8)
20 Best European Food & Cuisine You Can't Miss
If you have fantasized about European food enough, it’s time to pounce on it. We have created a list...
Read More
01 May
Travel Admin Coments (8)
25 Interesting Facts About Turkey
Packed with brimming ancient monuments, mesmerizing scenery, dazzling places, and vast history, Turk...
Read More
01 May
Travel Admin Coments (8)
20 Best Cities to Visit in Italy
Italy is every traveler’s dream. It remains at the top of everyone’s bucket list to visit. It is for...
Read MoreBook With Confidence
Hassle-free booking and best price guaranteed
24/7 support available
Hand-picked tours & activities
Free travel insurance
sales@dooktravels.com
+918368513675