Open AccessMarket reforms and 'Economic miracle' in Kazakhstan
Author(s) -
G. Simon
Publication year - 2009
Publication title -
economic annals/ekonomski anali
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.148
H-Index - 12
eISSN - 1820-7375
pISSN - 0013-3264
DOI - 10.2298/eka0982067s
Subject(s) - economics , liberalization , independence (probability theory) , kazakh , market economy , recession , miracle , language change , international economics , economic policy , development economics , economy , economic system , political science , macroeconomics , linguistics , statistics , philosophy , mathematics , law , art , literature
Kazakhstan's postcommunist transition is characterized by gradual changes under the conditions of a limited democracy. These changes have embraced extensive price and trade liberalization, and resolutely promoted privatization and the building of market institutions, although structural reforms and the struggle against corruption have made little progress. The country's financial independence was established with the introduction of the tenge in 1993. Transformational recession reached its maximum in 1995, since when only the 1998 Asian and Russian crises have interrupted continuous growth. However, the Kazakh economy is very sensitive to fluctuations in world energy and mineral prices, as the extractive industries, primarily oil and gas, have a crucial role in its development