The Dependence of the Kazakhstan Economy on the Oil Sector and the Importance of Export Diversification

Gulmira Azretbergenova and Aziza Syzdykova
Additional contact information
Gulmira Azretbergenova: Department of Finance and Accounting, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakhstan.
Aziza Syzdykova: Department of Finance and Accounting, Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakhstan.

International Journal of Energy Economics and Policy, 2020, vol. 10, issue 6, 157-163

Abstract: The recent decline in oil prices caused Kazakhstan, like many oil-dependent countries, to lose its financial resources and weaken economically. In Kazakhstan, which supplies about 50% of budget revenues from oil and petroleum products, the currency (KZT) has depreciated by 20% in the first and 60% in the second stage due to oil prices falling sharply in 2014. Also in March 2020, the Kazakh tenge, which was affected by the drop in oil prices, depreciated by 18%. The fact that oil revenues are not used correctly and strategically in time and the necessary attention to non-oil sectors has an effect on this. In order to get out of this situation, it is important for Kazakhstan to give importance to the development of non-oil sectors and to ensure the development of exports in these sectors. In this study, the importance of the oil sector in Kazakhstan economy and the current situation of non-oil sectors are examined. In addition, suggestions and recommendations were given for the development of the non-oil sector and exports.

Keywords: Kazakhstan; oil sector; non-oil sector; diversification of exports (search for similar items in EconPapers)
JEL-codes: F13 F43 Q00 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
https://www.econjournals.com/index.php/ijeep/article/download/9997/5431 (application/pdf)
https://www.econjournals.com/index.php/ijeep/article/view/9997/5431 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2020-06-20

Access Statistics for this article

International Journal of Energy Economics and Policy is currently edited by Ilhan Ozturk

More articles in International Journal of Energy Economics and Policy from Econjournals
Bibliographic data for series maintained by Ilhan Ozturk ().