Kazakhstan

Economic growth slowed in 2012 due to capacity constraints in the oil sector, weaker global demand for metals, and unfavorable weather conditions affecting crop production.... Show More + Overall, industrial output expanded by 0.5 percent in 2012, with negligible contribution to Gross Domestic Product (GDP) growth for the year. Against the decline of agriculture, and little change in industry overall, real GDP growth was supported by a 10 percent year/year growth of the services sector in 2012. Higher export revenues supported strong domestic demand for trade and transportation, as well as for other non-tradable services. High oil prices continued spurring domestic consumption while fixed capital investments remained depressed. Private consumption remains the main contributor to GDP growth as it has been growing by 9-10 percent a year since 2010, supported by favorable commodity prices and high oil export revenue. Exports of oil largely influence the composition of Kazakhstan's trading partners, while membership in the customs union appears to be affecting composition of imports. The European Union (EU) maintains the first place among trading partners of Kazakhstan, mainly due to large imports of oil and other mineral resources from Kazakhstan. Overall, employment creation continues to be driven by the services sector. Kazakhstan growth has been pro-poor, driven by job creation and real income gains. However, income disparity, which had improved up to 2009, has worsened slightly due to the crisis. Show Less -

This document is an evaluation of the World Bank's support in pension reform to Kazakhstan during the period following the break-up of the Former Soviet Union (FSU)... Show More + in 1991. The major reform work was undertaken in 1997, and in January 1998 Kazakhstan began with the implementation of a new mandatory financial account defined-contribution pension scheme. The evaluation begins with a general country background and overview of pension data, followed by a summary of the Kyrgyz's pension reform and a discussion of the World Bank's technical assistance in this process. The final sections contain the evaluation of the Bank's and country performance and lessons and recommendations. The evaluation is based on World Bank documents and interviews with World Bank staff, IMF and other reports, and interviews with Government officials and involved in formulating and implementing reform policy in Kazakhstan, as well as persons outside the policy circle, such as representatives of NGO's, academic experts and journalists. There is a Data Annex at the end of the report which provides a statistical overview of the country's economy, key demographic and pension data. Show Less -