The most important crises in the economic development of the Republic of Kazakhstan
Table of contents: The Kazakh-American Free University Academic Journal №12 - 2020
Seitbekova Akerke, Kazakh American Free University, Kazakhstan
Bogorodskaya Oxana, Kazakh American Free University, Kazakhstan
For almost 30 years, the Republic of Kazakhstan has been an
independent state. During this period, the country has overcome a whole series
of ups and downs. The most serious crises in the history of Kazakhstan are:
- the global crisis of the USSR;
- Asian crisis of 1998;
- financial and economic crisis of 2007-2008;
- geopolitical sanctions crisis, which began in 2014.
We give a brief description of each crisis period.
Firstly, the global crisis of 1991-1996, associated with the
collapse of the Union of Soviet Socialist Republics. The reason for this crisis
was the weak management efficiency and the absence of elements of market
relations in the economy. This period was characterized by a powerful
disintegration of economic relations.
In the system of production relations, a complete reform was needed,
consisting primarily in changing the form of ownership of the means of
production. The introduction of partial measures to reform the economy did not
give the desired result, which led to a severe decline in the manufacturing
sector, an increase in inflation and unemployment in the entire post-Soviet
The Republic of Kazakhstan, even having gained independence, for a
rather long period of time was deeply dependent on the economies of the
countries of the former USSR. During this period, our state was overwhelmed
with complete stagnation of production, aggravated by a rupture of
inter-republican industrial and economic ties, accompanied by a non-payment
crisis and a fall in the general standard of living of the population.
In order to overcome such a difficult situation in April 1992, the
President of the Republic of Kazakhstan N.A. Nazarbayev adopted a Strategy for
the political and economic development of the country until 2005 and proclaimed
a policy of denationalization and privatization of the economy.
According to this anti-crisis program, it was planned to transform
the command and administrative Soviet economy into a market economy with
various forms of ownership.
As a result of privatization from 1991 to 2000:
- 34500 objects of state property worth more than 215 billion tenge
were sold to private hands;
- a whole class of private owners and free entrepreneurs has
appeared in the country.
It is important to note that this process was quite painful, because
it took place in a tight monetary policy.
Since November 15, 1993 in the Republic of Kazakhstan very quickly
and in a mode of full secrecy the national currency - tenge is entered. This
step gave a start to the development of independent economic development of the
An equally important step was the active activity, including the
state, to attract foreign investment in the economy. At the end of the
twentieth century, this led to the unconditional leadership of the Republic of Kazakhstan to attract foreign direct investment throughout the post-Soviet
The anti-crisis measures have allowed:
- to suspend the critical decline in production;
- to reduce inflation;
- reduce the average monthly inflation rate by almost six times;
- stop the reduction of real wages and even get its increase.
Thus, from 1994 to 1997, the Kazakhstan market mechanism was fully
formed with direct state support for the most important social indicators and
Second, the global crisis of 1997-1998. The reason for this crisis
was the economic crisis in Southeast Asia, when as a result of the rapid growth
of the economies of the "Asian tigers" there was a large-scale inflow
of capital into these States, increased public and corporate debt, there was an
overheating of the economy and as a result - a boom in the real estate market.
The consequences of these negative phenomena for the countries of South-East Asia were manifested in:
- a sharp fall in the national currency;
- increase in inflation;
- growth of corporate debt;
- mass bankruptcy.
The crisis wave swept almost all countries of the world. Large
companies of the USA, Europe, Japan went bankrupt. In Russia, there was also a
sharp drop in the exchange rate of the national currency, as a result of the
goods produced in Russia have become much cheaper than Kazakhstan. The
restriction of imports in this situation did not help, and there was a
devaluation of the tenge. As a result, Kazakhstan's GDP decreased by 2.5%, and
the inflation rate was 117%.
The government is headed by President N. Ah. Nazarbayev has
developed and adopted a Strategy for the development of Kazakhstan until 2030, containing the following anti-crisis measures:
- guarantee full and timely payment of pensions, benefits and wages
in budgetary organizations;
- provide special micro-loans to create jobs, especially in rural
- provide preferential loans for the development of small and
medium-sized businesses, farms;
- to start the implementation of the housing construction program;
- to attract investors by offering them various preferences.
The adopted anti-crisis measures have allowed:
- to secure the functioning of the banking system;
- to stabilize the exchange rate of the national currency;
- reduce inflation to 7 per cent;
- resume production;
- to restore the competitive position of Kazakhstan's exports in the
- to increase the income of the population.
Thus, the Republic of Kazakhstan successfully overcame the global
crisis of 1997-1998 and confidently embarked on the path of stabilization of
Third, the crisis associated with the collapse of the American
mortgage system in 2008 -2009. Historians and economists consider this crisis
comparable in scale and consequences only with the great depression of the
thirties. The impact of this crisis was felt by the economic system of the Republic of Kazakhstan, which in this period was in the stage of recovery:
- the economic growth rate was 8.5 per cent;
- gold and foreign exchange reserves have increased significantly;
- the price of oil has reached a historic high;
- the exchange rate remained stable .
It is important to note that this crisis did not take the state by
surprise and did not lead to serious consequences, but it left a rather
unpleasant precipitate, not allowing Kazakhstan to reach the peak of its
During the course of this financial crisis, a number of large-scale
programs were adopted in the Republic of Kazakhstan, the most important of
which are the "Five big cases" and "Road map" aimed at
solving social problems of society.
In addition, the state carried out the following anti-crisis
- funds were allocated for the purchase of shares from the
- decisions were made to support the agricultural sector, small and
medium-sized businesses, construction;
- modernization of infrastructure;
- implemented measures to stabilize the real estate market; -the
national welfare Fund "Samruk-Kazyna" has been formed, which
contributes to the modernization, diversification and stabilization of the
economy, acting along with the government as an operator of anti-crisis
- for the first time to solve social problems began to use the assets
of the National Fund, formed from the income of commodity companies.
All of the above gave the population the opportunity to safely
experience the consequences of the crisis.
As a result of the anti-crisis measures and the launch of the
program of forced industrial-innovative development of the Republic of Kazakhstan, the results of 2009 had positive results:
- real GDP increased;
- the total amount of budget revenues has increased;
- foreign direct investment is actively attracted;
- the social principle of building the state is clearly manifested
Fourth, the global slowdown crisis in emerging markets in 2014. Most
experts believe that this crisis is just another wave of the previous crisis of
Among the causes of the crisis is the process of breaking the
developing economies of Russia, China, Brazil, South Africa and other
countries, which brought to these countries:
- falling prices for basic energy resources;
- the growth of General panic on exchanges .
Today, most of the world markets are waiting for changes, the
largest investors refuse to invest in new projects and programs, withdrawing
their assets from developing countries and investing them in less profitable
but more stable projects in the West. In addition, military operations in Syria and sanctions imposed against Russia by the United States and Western Europe have become
serious destabilizing factors.
It was during this period in the Republic of Kazakhstan President
Nursultan Nazarbayev proposed to implement two large-scale anti-crisis
- new economic policy "Nurly Zhol", which is based on
- the national plan "Five institutional reforms" and
"100 concrete steps" for their implementation.
The main anti-crisis measures were:
- allocation of funds from the National Fund to support economic
growth and employment;
- expansion of the sphere of concessional lending to small and
medium-sized businesses, as well as large businesses;
- improvement of the banking sector, redemption of bad loans;
- construction and reconstruction of new roads, special economic
zones and industrial technoparks, EXPO-2017 complex;
- modernization of energy infrastructure;
- construction of social housing .
Analyzing these anti-crisis measures, it is important to note that
the state is trying to control the situation, stabilizing markets and
modernizing the social sphere. Our country has a clearly defined goal-to join
the thirty most developed countries in the world.
In addition, overcoming the consequences of the crisis depends on
every citizen of Kazakhstan. They should clearly understand the essence of the
reforms and their importance in the prosperity of the Republic of Kazakhstan. Today, the consolidation of the whole society around the common goals of the
country is important for the successful implementation of anti-crisis programs.
1 Nazarbayev N.A. Keys to the crisis // Russian
newspaper. - 02 February. - 2009 // https://rg.ru/2009/02/02/autoritetno.html
2 Alshanov R.A. The Global Crisis: Implications for Kazakhstan. - Moscow: Turan University, 2010. - 180 p.
3 Alshanov R. Secrets of thirteen millennia:
searches and discoveries. - Almaty: Association of universities of the Republic of Kazakhstan, 2016. - 54 p.
4. Growth of well-being of Kazakhstan citizens: increase of incomes and quality of life. Message from the President of the Republic of Kazakhstan N. Nazarbayev to the People of Kazakhstan dated October 5, 2018 http://
www.akorda.kz/ru/ addresses/ addresses_
Table of contents: The Kazakh-American Free University Academic Journal №12 - 2020