Kazakhstan - an Example of Successful Development Strategy
Kazakhstan declared independence from the USSR on 16 December 1991 and initiated large-scale privatisation of government property. Necessary measures were taken to ensure macroeconomic stability and stop the decline of production. In April 1999 free- floating exchange rate of the national currency was introduced. In 2002 the country was the first among the Commonwealth of Independent States (CIS) to obtain the investment level rating from Moody's Investor's Services. Similarly to many other countries Kazakhstan's Economy suffered from the consequences of economic crisis. Growth has slowed markedly in 2008. In 2010 economy started to rebound and GDP has grown 7.1% y/y. Kazakhstan's strategic objective is to turn competitive advantages of natural resource into competitive advantages by diversifying the economy and creating export-oriented production. The country is heavily investing in the infrastructure. One of the major goals is to develop human capital that is a fundamental prerequisite for achieving a high level of competitiveness. The strategic goal of the country is to become one of the top 50 economies of the world. (original abstract)
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