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Kazakhstan, A Country Analysis

A complete country analysis of Kazakhstan includes Economic aspects, Cultural aspects and Political aspects etc.

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shubham tikekar
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53 views22 pages

Kazakhstan, A Country Analysis

A complete country analysis of Kazakhstan includes Economic aspects, Cultural aspects and Political aspects etc.

Uploaded by

shubham tikekar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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A Country Analysis Report:

KAZAKHSTAN

Submitted by:
Shreya Gangul
Shreya Singh
Shubham Tikekar
Snigdha Singh
KAZAKHSTAN’S FLAG:

The sun represents a source of life and energy. It is also


a symbol of wealth and abundance; the sun's rays are
a symbol of the steppe's grain which is the basis of abundance
and prosperity. People of different Kazakh-tribes had the golden
eagle on their flags for centuries. The eagle symbolizes the
power of the state.
AN INTRODUCTION:
• World's Largest Landlocked Country, and the 9th largest in the
world, with an area of 2,724,900 square kms.

• It is a transcontinental country largely located in Asia; the most


western parts are located in Europe.

• Kazakhstan was the last of the Soviet Republics to declare


independence during the dissolution of the Soviet Union in
1991.
FACTS ABOUT THE COUNTRY:
Capital Astana

Largest city Almaty


Official languages •Kazakh (official state language)
•Russian (used as official)
Official script(s) Kazakh Latin alphabet, Kazakh Cyrillic
alphabet (until 2025)
Ethnic groups •66.48% Kazakh
•20.61% Russian
•12.91% others
Demonym (s) Kazakhstani
Government Unitary Presidential Constitutional
Republic

• President Nursultan Nazarbayev


• Prime Minister Bakhytzhan Sagintayev
ECONOMIC ASPECTS:

• Kazakhstan has the largest and strongest performing economy


in Central Asia.
• Kazakhstan was the first former Soviet Republic to repay all of
its debt to the International Monetary Fund, 7 years ahead of
schedule.
• Supported by rising oil output and prices, Kazakhstan's
economy grew at an average of 8% per year until 2013, before
suffering a slowdown in 2014 and 2015.
• Buoyed by high world crude oil prices, GDP growth figures were
between 8.9% and 13.5% from 2000-2007 ,decreasing to 1–3% in
2008 and 2009, and then rising again from 2010. Kazakhstan is a
leading exporter of uranium.

• Kazakhstan's economy grew by 4.6% in 2014.

• Slowdown in economic growth from 2014 sparked by falling oil


prices and the effects of the Ukrainian crisis.

• The country devalued its currency by 19% in February 2014.


Another 22% devaluation occurred in August 2015
• Government has continued to follow a conservative fiscal policy by
controlling budget spending and accumulating oil revenue savings in
its Oil Fund.
• The global financial crisis forced Kazakhstan to increase its public
borrowing to support the economy (8.7 to 13.4=>Public Debt)

• TAX: The VAT fell from 16% to 15%, the social tax from 21% to 20%,
and the personal income tax from 30% to 20%.

• 2006: Personal Income tax was reduced further to a flat rate of 5%


for personal income in the form of dividends and 10% for other
personal income.
• ENERGY: 51.2 to 79.2 million tonnes in 2012, was production of crude
oil and natural gas.

• Major oil-gas fields and recoverable oil-reserves:-Tengiz with 7 billion


barrels; Karachaganak with 8 billion barrels and 1,350 cubic kms of
natural gas; and Kashagan with 7 to 9 billion barrels.

• Kazakhstan attracted $14 billion of FDI inflows into the country at a


7% growth rate making it the most attractive place to invest out
of CIS nations.
POLITICAL ASPECTS:
• The politics of Kazakhstan takes place in the framework of a presidential
republic.
• The current government is run by a coalition of Nur Otan (Majority), Ak
Zhol and Communist People's Party.
• Six Parties ran in the election of 20th March, 2016.
• On May 29, 2014 Kazakhstan and its Customs Union partners signed a
treaty to create a common economic space known as the Eurasian
Economic Union (EAEU).
• Kazakhstan is the 51st largest export economy in the world and the 48th
most complex economy according to the Economic Complexity Index
(ECI).
• Kazakhstan favors domestic investors over foreign investors, but FDI keeps
flowing in.

• According to data by UNCTAD, the inflow of direct investment in 2017 was


USD 4.6 billion.

• The property rights index for Kazakhstan from The Heritage Foundation
reflects the ability of individuals to accumulate private property, secured
by clear laws that are fully enforced by the state.

• From the definition of the contract, it follows that any contracting party
not only to acquire the rights, but also takes responsibilities.
• Companies report corruption as one of the major problems for
doing business in Kazakhstan.

• A weak judicial system further compromises Kazakhstan’s otherwise


extensive legal framework for dealing with corruption.

• The routine harassment and precaution has made life precarious in


Kazakhstan.

• Restrictive legislation is also making it increasingly difficult for


people.
CULTURAL ASPECTS:

• Core Kazakh culture comes from their original pastoral


nomadic lifestyle.

• Modern Kazakhstan has become open to foreign


investment and immigration.

• Sustainable economic growth through exporting its


vast natural resources.

• Major economic indicator – competitiveness, which


will help in joining global cultural process.
NEW SOCIO-ECONOMIC ASPECTS:

i. Increasing incomes:
At the instruction of the President of Kazakhstan;
• the minimum wage rises 1.5-fold, and the determination of its size will
not be tied to the subsistence minimum.
• From 2019, the minimum wage will be 42,500 tenge.
• Affecting 1 million 300 thousand people who work in all sectors of
enterprises of various forms of ownership(covering 275 thousand
employees of state-financed organizations, with salaries increasing by
an average of 35%)
ii. Increasing the solidarity pension:

According to the Ministry of Labor and Social Protection, from January 1


• Solidarity pension has increased by 7%, the base pension — by 5%.
• Minimum joint pension from 01.01.2019 is 36,108 tenge, the
minimum base pension is 16,037 tenge.
• By adding together the minimum solidary, basic and cumulative
components, the minimum aggregate amount of pensions will be
equal to 68,182 tenge.
iii. Development of mass entrepreneurship:
• Starting from 2019, an additional 30 billion tenge will be allocated
annually to subsidize priority projects of entrepreneurs.
• Development of entrepreneurship will also be given by a “tax
amnesty” under which penalties and fines from personal accounts of
taxpayers as of 01.10.2018 will be written off, subject to payment of
arrears.
• Activities include an amnesty for small and medium-sized businesses
in order to improve the business climate.
• Effective mechanism to support entrepreneurs and will be an incentive
for the payment of the principal debt and complete relief from the tax
burden.
iv. Reducing shadow economy:
• Government approved a plan of measures to counter the shadow
economy for 2019-2021.
• Emphasis is on business withdrawal from the “shadow” ie; based on
the digitalization of tax and customs administration and their
integration, including the implementation of initiatives under the
project “Increasing tax collection.”
• MEASURES : increasing the share of non-cash turnovers, improving tax
and customs policy, and legislation on public procurement ; leading to
reduction in turnover in the shadow economy, increase in tax revenues
to the budget and will contribute to the country’s socio-economic
development.

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