KAZAKHSTAN: NATIONAL COMPONENT OF GLOBAL ECONOMIC CRISIS
Abstract
The world economy is at the stage of a global crisis triggered by a financial shock; it has not experienced such turmoil since the days of the Great Depression.
The period of robust economic growth quickly gave way to a recession not only in advanced countries; a slowdown in the growth of the gross domestic product (GDP) is also recorded in developing and emerging market countries (see Table 1). Virtually all countries have been seriously affected by the financial and economic crisis. Advanced economies experienced an unprecedented 7.5% decline in real GDP during the fourth quarter of 2008 (compared to the third quarter), and output continued to fall almost as fast during the first quarter of 2009.
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References
See: World Economic Outlook April 2009, IMF, Washington D.C., April 2009.
J. Stiglitz, Whither Reform? Ten Years of the Transition, World Bank, nnual Bank Conference on Development Economics, Washington D.C., 28-30 April, 1999, p. 3.
Calculated based on data from the National Bank of Kazakhstan.
“Production of goods” includes three sectors: industry, agriculture and construction.
Kazakhstan Statistics Agency.
Kazakhstan Statistics Agency and CIS Interstate Statistical Committee.
Financial Stability Report, National Bank of Kazakhstan, Almaty, 2008, p. 42.
See: Otchot o finansovoi stabilnosti, National Bank of Kazakhstan, Almaty, 2006, p. 43.
See: Annual Report of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations for 2007, FSA, Almaty, 2007, p. 16.
Calculated by the authors based on data from NBK statistical bulletins for 2001 and 2008.
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