Issues and Country Experiences
Edited by Jesus Felipe
Over two decades since independence, upper-middle income Kazakhstan—a large, landlocked, sparsely populated but resource-rich country—remains an economy in transition. Oil production accounts for a fifth of gross domestic product (GDP) and 60% of merchandise exports. The discovery in 2000 of oil in the Caspian Sea’s Kashagan field vaulted Kazakhstan’s oil reserves to the world’s ninth largest. With production at 1.7 million barrels per day in 2010, Kazakhstan is now the region’s second largest oil producer after the Russian Federation (BP 2011), and oil is now the economy’s main driver. Kazakhstan was hard hit by the crash in oil prices as global economic conditions worsened in late 2008. Tighter credit conditions caused by restricted access to international capital markets amid the global financial crisis also played a role in the slowdown. But the economy staged a V-shaped recovery with 7% GDP growth in 2010 on the back of improved global conditions and a revival in external demand for energy. Even so, the crisis starkly exposed the pitfalls of a growth strategy dependent on natural resources.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.