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KAZAKHSTAN ECONOMY'S VARIOUS DIMENSIONS

NUMBER of MAGAZINE: 29 (3) 2007ã.
The HEADING: CIS
AUTHORS: Medvedev Roy

1.In the early years of its independence, Kazakhstan had no financial system of its own; there were branches and structures of the Soviet banks operational in the country, that, in main, worked as the payments centers, rather then the commercial institutions. The Kazakhstan financial system's first serious step - as well as its first serious trial - was the introduction of the national own currency, tenge. Thereafter in Kazakhstan, they took well-directed efforts to develop efficacious financial system in the Republic. To do so, the team of professionals was recruited, whose work had President Nazarbaev's support.
2.Kazakhstan's successful economic development has brought the economy of the Republic to the level, when the former decision-making and management mechanisms proved to become insufficient. There were many multinational corporations (MNC) doing business there, primarily in  mining and oil and gas production, raw material partial processing and transportation. These MNC controlling centers are located in various countries outside Kazakhstan. And, naturally, they follow their own interests, and they have means to easily divert their capitals from one country to another.
3.Kazakhstan was pronounced the country with the market economy, earlier than any other CIS country. In 2005, it was included into the Global Competitiveness Report and, according to the Kazakhstan media, immediately became the 61st out of 117 countries positioned in it, well above its CIS neighbors. In the country's economic well-being cumulative index, the competitiveness is just one of the showings. In 2005, judged by the economic well-being cumulative index, Kazakhstan came 80th out of 190 countries that had had their data analyzed.


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