The influence of fiscal factors on the sustainability of the regional economy development

Nurbakhyt N. Nurmukhametov, Gulnara I. Islyam, Aizhan E. Zhamieva, Ilona V. Bordiyanu and Saltanat N. Suieubayeva

RIVISTA DI STUDI SULLA SOSTENIBILITA', 2023, vol. XIII, issue 1 suppl., 249-265

Abstract: Over the past few decades, the economy of the Republic of Kazakhstan has been gradually but steadily growing. Progress is primarily associated with the develop- ment of fiscal state policy, which contributes to an increase in the value of the gross domestic product (GDP) per capita. It significantly improves competitiveness in the world market, prevents inflation, as well as other factors destabilising the national economy. The large-scale export of energy and mineral resources contributes to the positive balance of international trade of the Republic of Kazakhstan, but in the long term, it is likely a threat to the development of its innovative potential, primarily due to the low level of economic diversification. The aim of this study is to analyse the development of the fiscal policy of the Republic of Kazakhstan and the factors of its influence on the economic competitiveness of the country. The study uses analysis, synthesis, and subsequent comparison of various statistical indicators of the Kazakh- stani economy with the leading world economies. Based on the results of the study, an urgent need was established to focus on expanding the innovation fund with the subsequent development of an innovation strategy. It is one of the most effective mechanisms to ensure intensive growth of national economy, expanding its market potential and increasing economic diversification to a safe level. This task requires, first of all, increased funding for research and development (R&D) of innovations. The paper will be useful to researchers and specialists in the field of economics for forecasting and analysing its further development in the Republic of Kazakhstan.

Date: 2023
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