Kazakhstan Announces Its New Economic Course

The seven basic principles of the country’s new economic course were revealed by the President of Kazakhstan, Kassym-Jomart Tokayev, at a joint meeting of the parliament’s two chambers.

According to the president, the country should be ready for a completely new conjuncture of the world economy.

«The creation of a truly diversified technological economy is no longer a possible option. It’s absolutely necessary with no other choices. And of course, the main goal of the economy is improving the well-being of the people,» Tokayev said.

The country’s new economic course includes seven basic principles:

– fair distribution of benefits and responsibilities;
– the leading role of private entrepreneurship;
– fair competition, and new markets for a new generation of entrepreneurs;
– growth of productivity as well as increased complexity and technological effectiveness of the economy;
– development of human capital, investments in a new type of education;
– more earth-friendly economy with environmental protection measures;
– more conscious decision making by the state and its responsibility for these decisions before society.

On July 23, the president has already discussed with Prime Minister Askar Mamin how to strengthen the country’s economy and meet the social needs of people amid the pandemic and post-crisis period.

At the end of 2019, Kazakhstan achieved its highest economic growth for the last six years, while 85% of that growth was set by non-resource industries. This data was announced by Askar Mamin at the joint meeting of the parliament’s chambers, where he had spoken about the work of the government and measures on further development of the country’s economy.

According to Mamin, the processing industry (4.5%), construction (12.9%), transportation (5.1%) and trade (7.6%) became the main drivers of economic growth. Fixed capital investments increased by 8.5%, including private investments by 9.5%. The foreign trade turnover grew to $97 billion with a surplus of $19 billion.