
Kazakhstan
Vulnerability to global economic cycle and external shocks remains high
C4
HIGH RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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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%
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1 |
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Italy
14.7%
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2 |
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Russia
10.3%
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3 |
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Netherlands
6.9%
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4 |
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Uzbekistan
4.4%
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5 |
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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
|
Contacts
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