Kazakhstan’s Economy
Kazakhstan holds one of the biggest natural gas and oil reserves in the world.
Although Kazakhstan has a strong grip over the international energy sector, its current structural policy is aimed towards the diversification of its economic strengths. The country can focus on the energy sector and at the same time, work on diversifying its economy in order to stabilize its economy. At present, Kazakhstan is working towards building effective international economic relations.
In addition to integrating Kazakhstan’s economy into the international sphere, the country is also looking for effective ways to increase their export of agricultural and industrial products. For 2009, the country focused on optimizing its employment rate. For the entire year, reducing unemployment rate was one of the country’s main economic priorities. Due to the implementation of the Roadmap strategy, or the strategy to employ and retrain personnel, Kazakhstan generated more than 250,000 jobs. As a result of its efficiency and effectiveness, the implementation of the strategy will continue for 2010.
Aside from creating and preserving jobs, Kazakhstan also established several research centers and development agencies in order to create more varieties of higher value added industries. The Kazakhstan government is also interested in developing technology and science parks in addition to development institutions in order to support the country’s plans of diversifying the economy.
In line with its economic development, Kazakhstan’s income, population and social support also displays tremendous growth. Since the start of 2009, Kazakhstan’s minimum wage increased around 12%, while the wage of public sector employees averaged a 25% increase. As for social support, pension plans gained a 30% increase and social public benefits gained a 12% increase.
The increase in Kazakhstan’s population and employment rate is complemented by the development of the country’s health and educational sectors. The Kazakh government included the improvement of healthcare and education as one of its main priorities.
Categories: Economy, Money Tags: economy, Kazakhstan, Kazakhstan’s Economy
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