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Kazakhstan - Economic report, Volume 2
 
Country:Kazakhstan;Date Stored:2001/04/19
Document Date:1994/07/07Document Type:Economic Report
Language:EnglishMajor Sector:(Historic)Economic Policy
Region:Europe and Central AsiaReport Number:12856
Sector:Macro/Non-TradeSubTopics:Environmental Economics & Policies; Economic Theory & Research; Banks & Banking Reform; Markets and Market Access; Access to Markets
Topics:International Economics & TradeVolume No:2
Volume Title:Annexes  

Abstract: Kazakhstan is now entering its third year as an independent country. Following the bold reform measures of 1992, the Government is now contending with the complexities of the transition to the market economy. In addition, during 1993 the reform effort had to contend with new difficulties: (i) unexpected terms of trade losses as a result of the drop in world prices of some export commodities and the captivity to Russian pipelines for oil exports; (ii) protracted negotiations around the future of the ruble zone; and, (iii) numerous implementation difficulties including delays by Parliament in passing essential legislation. The Government now faces the task of accelerating reform and restructuring - not withstanding the already sharp drop in the standard of living and the fact that the needed reforms and restructuring will result in some further contraction of output, employment and incomes. The Government faces difficult trade-offs that must be examined in the context of a restricted budgetary envelope.
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