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Economic Growth and Diversification Strategy in Kazakhstan

Kim Sang Won 1

1국민대학교

Accredited

ABSTRACT

Kazakhstan became independent from the Soviet Union in 1991. The economy of Kazakhstan was very poor. However, in 1993, Kazakhstan successfully cooperated with Chevron Texaco, a multinational oil company, to develop the Tengiz oil field. This oil field development business has become the foundation of economic growth in Kazakhstan. Subsequently, energy resources have been used as a major tool to overcome the economic downturn in Kazakhstan over the past decade. Kazakhstan also played an important role in attracting attention as a major investment destination among emerging countries. The growth of the energy industry has led to the growth of the Kazakh economy. Until the global financial crisis in 2008, the Kazakh economy showed an annual average growth rate of 10%. The economic reform policies that have been pursued along with the economic growth also embody economic diversification with the economic crisis. The global economic downturn, which began in 2013, was a major cause of plunge in oil and commodity prices. Russia, which had a high economic dependence, also began to shrink as the economy received economic sanctions from the West due to the cream crisis. The economic situation in Kazakhstan has plummeted due to the changes in the external environment. The government of Kazakhstan has attempted a large-scale financial support policy to overcome the economic crisis. Nonetheless, the economic growth rate for 2015-2016 was only about 1% on average. Kazakhstan, which grew rapidly in the last period with a high economic growth rate, needs structural reforms for sustained and stable economic growth, and a variety of new long-term economic development strategies to replace the energy industry.

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