Economic Development of Kazakhstan
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Questions and Answers

What was one of the significant results of the anti-inflationary policy between 1994 and 1996?

  • Stabilization of finances (correct)
  • Increase in the Consumer Price Index
  • Decline in foreign investment
  • Growth of command economy

    • The implementation of the TRACECA program has limited opportunities for Kazakhstan.

    False

    What economic change involved reducing state control and introducing market regulators?

    Liberalization of the economy

    The level of inflation sharply decreased due to _____ stabilization efforts.

    <p>financial</p> Signup and view all the answers

    Match the following trends with their descriptions:

    <p>Liberalization = Reducing state participation in economic life Market competition = Expansion of small and medium-sized businesses Banking system = Emergence of a two-tier banking system Consumer market = Creating a more balanced consumer marketplace</p> Signup and view all the answers

    Which of the following was NOT a goal of the reforms between 1993 and 1996?

    <p>Expansion of command economy principles</p> Signup and view all the answers

    A multi-block economy was successfully formed during the reform period.

    <p>True</p> Signup and view all the answers

    What were the institutions developed to support the market economy during the reforms?

    <p>Investment and insurance companies, exchanges, audit firms</p> Signup and view all the answers

    What is the main advantage of creating the center mentioned in the text?

    <p>Strengthening quality control of supplied goods</p> Signup and view all the answers

    Chinese investments in Kazakhstan's oil and gas sector are decreasing.

    <p>False</p> Signup and view all the answers

    When was the Atasu-Alashaikou oil pipeline section completed?

    <p>December 15, 2005</p> Signup and view all the answers

    South Korea has invested over ______ billion US dollars in the economy of Kazakhstan from 1995 to 2005.

    <p>1.6</p> Signup and view all the answers

    Which country is mentioned as a significant investor and trade partner of Kazakhstan?

    <p>South Korea</p> Signup and view all the answers

    The National Plan '100 concrete steps' focuses on the goals set out by Strategy 2050.

    <p>True</p> Signup and view all the answers

    What was the purpose of the expanded meeting of the government held on May 5, 2015?

    <p>To discuss five institutional reforms</p> Signup and view all the answers

    Match the countries with their respective contributions to Kazakhstan's economy:

    <p>China = Major shareholder in oil and gas investments South Korea = Invested over 1.6 billion US dollars Korea = Visited Kazakhstan in September 2004 Kazakhstan = Developed a National Plan</p> Signup and view all the answers

    What was approved by the Cabinet of Ministers of the Republic of Kazakhstan on April 5, 1993?

    <p>Agreements for the creation of a joint venture Tengizchevroil</p> Signup and view all the answers

    The first official visit of the vice-president of Switzerland to Kazakhstan was held in 2000.

    <p>False</p> Signup and view all the answers

    What is the significance of the agreement signed during the President of Kazakhstan's visit to Switzerland in January 2003?

    <p>It established agreements on international passenger and cargo transportation and integration into the multilateral trade system.</p> Signup and view all the answers

    The joint venture Tengizchevroil was created as a result of an agreement between Kazakhstan and ______.

    <p>Chevron Corporation</p> Signup and view all the answers

    Which event in 1996 and 1998 influenced the cooperation between Kazakhstan and Switzerland?

    <p>Meetings of the president of Kazakhstan with Swiss leaders</p> Signup and view all the answers

    Match the following events with their corresponding dates:

    <p>Official visit of Pascal Kushpen = May 1-6, 2002 President of Kazakhstan's visit to Switzerland = January 20-21, 2003 Agreement for Tengizchevroil = April 5, 1993 Economic delegation from Switzerland = June 27-30, 2005</p> Signup and view all the answers

    The economic delegation from Switzerland met exclusively with the President of Kazakhstan.

    <p>False</p> Signup and view all the answers

    What agreement was discussed during the 1996 and 1998 meetings that involved both Kazakhstan and Switzerland?

    <p>Bilateral cooperation priorities and prospects.</p> Signup and view all the answers

    What does the national plan in Kazakhstan aim to align with?

    <p>Standards of the Organization for Economic Cooperation and Development</p> Signup and view all the answers

    Kazakhstan was the last CIS country to develop a comprehensive national plan.

    <p>False</p> Signup and view all the answers

    Who described the plan as 'one of the largest programs in the world'?

    <p>G.Gref</p> Signup and view all the answers

    The national plan is known as '_____ concrete steps'.

    <p>100</p> Signup and view all the answers

    What aspect was particularly stressed during 2015 in relation to the reforms?

    <p>External economic pressure</p> Signup and view all the answers

    Five _____ reforms served as a foundation for systematic measures taken by the state.

    <p>institutional</p> Signup and view all the answers

    Match the following figures with their contributions to the national plan:

    <p>N.Nazarbaev = Compared the changes in the 1990s with '100 concrete steps' Tiberio Graziani = Analyzed the necessity of reforms for all countries G.Gref = Called the plan one of the largest programs in the world National Commission = Coordinated the creation of legislative foundations for reforms</p> Signup and view all the answers

    What was compared by N.Nazarbaev in his 2015 address?

    <p>'100 concrete steps' to the changes in the 1990s</p> Signup and view all the answers

    What was the primary goal of economic reforms in Kazakhstan during the initial stage from 1991 to 1993?

    <p>To introduce market principles through private management</p> Signup and view all the answers

    Kazakhstan implemented its national currency before it declared sovereignty.

    <p>False</p> Signup and view all the answers

    What significant economic crisis began prior to perestroika in Kazakhstan?

    <p>Deep economic crisis</p> Signup and view all the answers

    The Consumer Price Index in 1992 was _____ and in 1993 it amounted to 2265.

    <p>3060</p> Signup and view all the answers

    Match the following stages of economic development in Kazakhstan with their descriptions:

    <p>1991-1993 = Introduction of the national currency 1992 = Price liberalization began 1993 = Continued structural reforms 1970s and 1980s = Failed attempts at market principles</p> Signup and view all the answers

    Which of the following factors was a crucial part of Kazakhstan's economic strategy?

    <p>Attracting foreign investment</p> Signup and view all the answers

    The reforms of the 90s focused solely on economic changes without political considerations.

    <p>False</p> Signup and view all the answers

    What system did Kazakhstan move away from during the early 1990s?

    <p>Administrative-command system</p> Signup and view all the answers

    In which month and year was private property legalized in Kazakhstan's Constitution?

    <p>January 1993</p> Signup and view all the answers

    The tenge was introduced as Kazakhstan's domestic currency in November 1992.

    <p>False</p> Signup and view all the answers

    Who played a significant role in advocating for Kazakhstan's membership in the ruble zone?

    <p>N.A. Nazarbayev</p> Signup and view all the answers

    Kazakhstan's tenge exchange rate stabilized by the year _____ .

    <p>1996</p> Signup and view all the answers

    Which of the following was a consequence of leaving the ruble zone in 1993?

    <p>High inflation</p> Signup and view all the answers

    Match the following years with their significant events in Kazakhstan's economic reforms:

    <p>1992 = Prices were liberalized 1993 = Private property legalized 1994-1998 = Transit period of slow transition 1996 = Tenge exchange rate stabilized</p> Signup and view all the answers

    Kazakhstan was the first post-Soviet country to introduce its own national currency.

    <p>False</p> Signup and view all the answers

    What was a major challenge faced by Kazakhstan when it left the ruble zone?

    <p>Economic chaos or high inflation</p> Signup and view all the answers

    Study Notes

    Economic Development of Kazakhstan

    • Kazakhstan underwent radical restructuring, transitioning to a market economy in several stages over 18 years.
    • The initial stage (1991-1993) involved shifting from a command economy to private enterprise, attracting foreign investment, and adopting a social market economy model.
    • Radical reforms of the 1990s coincided with the country's establishment as a sovereign state, dealing with economic crises from the 1970s and 1980s.
    • Attempts to improve economic systems and expand producer rights in the 1970s and 1980s failed.
    • Price liberalization began in January 1992, affecting 80% of wholesale goods and 90% of consumer prices.
    • High inflation resulted from the sudden release of prices, with the Consumer Price Index reaching 2265 in 1993.
    • Private property was legalized, and a national privatization program was adopted (1993).
    • The national currency, the tenge, was introduced in November 1993, replacing the ruble.
    • Kazakhstan's dependence on Russia was a major problem during this period.
    • In 1993 the Russian government did not allow the ruble to be transferred to Kazakhstan.
    • The period (1994-1998) experienced macroeconomic stabilization efforts. This involved legislative changes regarding taxation, budgets, banking, and foreign trade alongside attracting foreign capital.
    • The tenge exchange rate stabilized and budget deficits decreased in 1996.
    • Inflation fell from 1258 in 1994 to 128 in 1996.
    • Market economic transformations set the stage for a new economic management system.

    Key Economic Reforms (1994-1998)

    • Liberalization of the economy reduced state intervention.
    • Foreign investment was encouraged.
    • Currency stabilization was achieved.
    • Market competition was fostered.
    • Foundations of a multi-block economy emerged.
    • Market-oriented structures grew.
    • Prices for goods were stabilized.
    • Inflation decreased.
    • Budget deficits were reduced.

    Further Stages & Cooperation

    • Kazakhstan's cooperation with the UN and other global organizations was notable in various sectors.
    • Foreign investment, including from Dutch and Italian firms, played an increasing role in various sectors, including oil and gas, agriculture, and transport.
    • The TRACECA program facilitated economic cooperation with Europe and Asia.
    • Cooperation with Switzerland involved business forums and investments.
    • Kazakhstan transitioned to a new system of student composition and privatization of higher education institutions in 1999.
    • Major agreements and joint ventures were formed; the Tengizchevroil project is a prominent example.
    • Kazakhstan had agreements with South Korea and other countries for investment and trade.
    • A "100 Concrete Steps" plan for institutional reforms was developed in 2015.

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    Kazakhstan Economic Development Model PDF

    Description

    Explore the transformation of Kazakhstan's economy from a command system to a market-oriented model over 18 years. Learn about the pivotal reforms, privatization efforts, and the introduction of the national currency. This quiz covers the key stages and challenges faced during this economic transition.

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