Kazakhstan

High vulnerability to global economic cycle and external shocks

C3

SENSITIVE 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 January 2024.

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GDP USD220.6bn (World ranking 54, World Bank 2022)
Population 19.6mn (World ranking 63, World Bank 2022)
Form of state Presidential Republic
Head of state Kassym-Jomart TOKAYEV (President)
Next elections 2028, Legislative
  • Abundance of raw materials (especially 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 regime
  • Interventionist and protectionist economic strategy
  • High dependence on global commodity prices
  • Exchange rate vulnerability to external shocks
  • Regional instability in Central Asia
  • High external debt burden

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
Italy 16.4%
1
34.7% Russia
China 15.6%
2
21.9% China
Russia 10.4%
3
4.5% Germany
Netherlands 6.5%
4
3.8% United States
Turkey 5.6%
5
3.2% Turkey

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Petroleum, petroleum products and related materials 57.6%
1
9.3% Road vehicles
Non-ferrous metals 7.7%
2
6.2% Other industrial machinery and parts
Iron and steel 6.5%
3
5.3% Iron and steel
Metalliferous ores and metal scrap 5.9%
4
5.0% Electrical machinery, apparatus and appliances, n.e.s.
Inorganic chemicals 3.8%
5
4.4% Telecommunication and sound recording apparatus
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