2009 results: Kazakh economy recovers by laying foundation for post-crisis development

2009 results: Kazakh economy recovers by laying foundation for post-crisis developmentASTANA. January 13. KAZINFORM /Muratbek Makulbekov/ Kazakhstan successfully overcomes the impact of the world financial crisis by laying foundation for the post-crisis development. This fact is proved by the socio-economic development indices of the last year, the volumes of attracted investments and scale of implemented industrial-innovative and infrastructural projects.

“In 2009 we managed to keep the economy from collapse due to the state financial injections, slight growth of prices for exported goods and partially due to the domestic demand. The Government should thoroughly plan all our further actions”, Kazakhstan President Nursultan Nazarbayev said at the meeting devoted to the 18th anniversary of the Independence of our country.     

In accordance with the year results the economy of the country demonstrates signs of recovery. In particular, during 11 month of 2009 the production volumes in a range of sectors were increased: the industrial production increased by 0.7%, ore mining production – by 5.7%, oil production – by 8% and gas production – by 9% as compared to the corresponding period of 2008. As the Prime Minister noted at the briefing at the end of the last year, Kazakhstan finished the year with GDP growth up to 0.5-1%. This slight economic growth proves efficiency of the anti-crisis measures taken by the Government. Totally, KZT 2.7 trln or 14% of the GDP was invested in the economy.

Real incomes of the population, salaries and social payments grow amid slowing inflation. Beginning form January 1, 2009 the minimum wage has amounted to KZT 13,470 that is 12% higher then in 2008. The wages of budget sphere workers, pensions and different allowances were increased as well. 

The surge in unemployment was prevented. Moreover, the unemployment rate was slightly decreased due to implementation of the Road Map state program developed by the commission of the Head of the State.

The assets of the National Fund and gold and currency reserves were increased even despite large investments in the financial and real sectors of the economy and as of November 30, 2009 made up to USD 52 bln.

“Due to the top level contacts with South Korea, China, Italy, France, Turkey, Belarus we achieved agreements on joint projects to the amount of over USD 25 bln”, Kazakh President N. Nazarbayev said at the 22nd plenary session of the Foreign Investors Council. In accordance with those agreements the implementation of biggest industrial projects in the history of Kazakhstan was started in the country.

During the meeting with the parliamentary group of “Nur Otan” People’s Democratic Party in October 2009 Kazakh Prime Minister Karim Massimov said that the latest forecasts regarding the development of world economy in 2009-2010 inspired optimism. The Premier noted that the draft republican budget for 2010 is a continuation of the anti-recessionary measures.