Attractiveness and Difficulties of SMEs in Kazakhstan Economy

Aziza Syzdykova, Aktolkin Abubakirova, Dababrata Chowdhury and Alamir N.S. Al-Alawi
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Aziza Syzdykova: Khoja Akhmet Yassawi International Kazakh-Turkish University
Aktolkin Abubakirova: Khoja Akhmet Yassawi International Kazakh-Turkish University
Dababrata Chowdhury: University of Suffolk,UK
Alamir N.S. Al-Alawi: University of Technology and Applied Sciences,Oman

Review of Applied Socio-Economic Research, 2021, vol. 21, issue 1, 89-98

Abstract: Small and Medium Enterprises (SMEs) are the most important element of the market economy, which is vital for the development of countries. Today, SMEs largely determine the pace of economic growth, the structure, and the quality of the gross national product. These enterprises are most sensitive to changing economic conditions and affect the stability and dynamism of the development of the state economy in the market environment. Despite such efforts, there are a number of reasons preventing the development of SMEs operating in the country. The research methodology is based on a secondary analysis of the data collected within SMEs in Kazakhstan. Therefore, the main purpose of this study is to identify the current situation of SMEs and their problems for the economic development of Kazakhstan and to propose new solutions for attractiveness and finally, outcomes show that the Kazakhstan economy has not yet been able to prevent its dependence on energy resources exports. In addition to energy resources, institutions that promote the development of the private sector continue their activities within the framework of efforts to diversify the economy in Kazakhstan. When we analyze the reasons that prevent the development of small and medium-sized enterprises operating in Kazakhstan, we see that these reasons are the same in all sectors: incompatibility of tax laws, insufficient credit resources, formalities of tenders, and excessive pressures of audit authorities

Keywords: SME; Econom Attractiveness; Kazakhstan (search for similar items in EconPapers)
JEL-codes: A11 F43 L26 (search for similar items in EconPapers)
Date: 2021
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