Kazakhstan

Vulnerability to global economic cycle and external shocks remains high

C4

HIGH RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in March 2023.

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GDP USD191bn (World ranking 54, World Bank 2021)
Population 19mn (World ranking 63, World Bank 2021)
Form of state Presidential Republic
Head of state Kassym-Jomart TOKAYEV (President)
Next elections 2026, legislative
  • Abundance of raw materials (e.g. hydrocarbons)
  • The National Fund of the Republic of Kazakhstan (NFRK, the sovereign wealth fund) holds ample assets
  • Strategic location in Central Asia: benefits from China’s Belt and Road Initiative in terms of FDI and infrastructure investment
  • Authoritarian political regime
  • Interventionist and protectionist economic strategy
  • High dependence on global commodity prices
  • Exchange rate vulnerability to external shocks
  • Vulnerability to Russian business cycle
  • Regional instability in Central Asia
  • High external debt burden

Trade structure by destination/origin

(% of total, 2021)

Exports Rank Imports
China 18.6%
1
35.7% Russia
Italy 14.7%
2
16.7% China
Russia 10.3%
3
12.2% Korea, Republic of
Netherlands 6.9%
4
4.7% Germany
Uzbekistan 4.4%
5
3.1% United States

Trade structure by product

(% of total, 2021)

Exports Rank Imports
Petroleum, petroleum products and related materials 51.6%
1
13.9% Other industrial machinery and parts
Gas, natural and manufactured 10.4%
2
5.8% Electrical machinery, apparatus and appliances, n.e.s.
Non-ferrous metals 9.2%
3
5.8% Iron and steel
Iron and steel 7.2%
4
5.5% Manufactures of metal, n.e.s.
Metalliferous ores and metal scrap 6.7%
5
5.3% Road vehicles
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