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Economy of Kazakhstan

The economy of Kazakhstan is the largest economy in Central Asia. It possesses enormous oil reserves as well as minerals and metals. It also has considerable agricultural potential with its vast steppe lands accommodating both livestock and grain production, as well as developed space infrastructure, which took over all launches to the International Space Station from the Space Shuttle. The mountains in the south are important for apples and walnuts; both species grow wild there. Kazakhstan's industrial sector rests on the extraction and processing of these natural resources and also on a relatively large machine building sector specializing in construction equipment, tractors, agricultural machinery, and some military items. The breakup of the USSR and the collapse of demand for Kazakhstan's traditional heavy industry products have resulted in a sharp contraction of the economy since 1991, with the steepest annual decline occurring in 1994. In 1995-97 the pace of the government program of economic reform and privatization quickened, resulting in a substantial shifting of assets into the private sector. The December 1996 signing of the Caspian Pipeline Consortium agreement to build a new pipeline from western Kazakhstan's Tengiz Field to the Black Sea increases prospects for substantially larger oil exports in several years. Kazakhstan's economy turned downward in 1998 with a 2.5% decline in GDP growth due to slumping oil prices and the August financial crisis in Russia.

Current GDP per capita shrank by 26% in the Nineties. In the 2000s, Kazakhstan's economy grew sharply, aided by increased prices on world markets for Kazakhstan's leading exports—oil, metals and grain.

In 2015, the World Economic Forum compiled its Global Competitiveness Ranking ranking Kazakhstan 50th out of 144 countries. The ranking considers multiple macroeconomic and financial factors, such as market size, GDP, tax rates, infrastructure development, etc. In 2012, the World Economic Forum listed corruption as the biggest problem in doing business in the country, while the World Bank listed Kazakhstan as a corruption hotspot, on a par with Angola, Bolivia, Kenya, Libya and Pakistan.

Kazakhstan secured 2nd position in the Central and South Asia regional ranking of the 2015 Global Innovation Index (GII) released by World Intellectual Property Organization (WIPO) together with Cornell University and INSEAD France.

Sectors

Energy

Kazakhstan is the leading country in the world for uranium production volumes, with 35% of global production, and it has the world's second biggest uranium reserves after Australia.

Oil & Gas

Oil and gas is the leading economic sector. Kazakhstan has the potential to be a world-class oil exporter in the medium term. Kazakhstan's economic future is linked to oil and gas development. GDP growth will depend on the price of oil, as well as the ability to develop new deposits.

Mining

Kazakhstan is a leading producer of many mineral commodities, including salt, uranium, ferrochrome, titanium sponge, cadmium, magnesium, rhenium, copper, bauxite, galliumand zinc.

Industry

Car Industry

The Kazakhstan's car industry was developing rapidly in 2014 producing $2 billion worth of products annually. By 2018 the car industry in Kazakhstan is expected to reach 190,000 cars per year.

Services
Technology

On 22 December 2014 the World Bank approved an $88 million loan that would support Kazakhstan's efforts to facilitate commercially and socially viable innovation in technology. The Fostering Productive Innovation Project aims to improve the country in areas that are able to foster and support technological innovation.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Kazakhstan"

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