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Report to the Government of Kazakhstan: Policies for Industrial and Service Diversification in Asia in the 21st Century

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  • Asian Development Bank (ADB)

Abstract

The economy of Kazakhstan has performed remarkably well since gaining independence in 1991, with per capita income approaching $13,000. This excellent performance has been the result of both sound macroeconomic policies and a favorable investment climate. However, Kazakhstan’s economy remains heavily dependent on oil, and this dependence is increasing. While in 2000, petroleum accounted for 50% of total exports, by 2010 it represented 61%. Moving forward, Kazakhstan’s strategic development objective is long-term sustainability, which requires diversifying the economy and upgrading the human capital base. Starting in 2010, the Government of Kazakhstan has put in place new programs to increase economic diversification. This report analyzes the degree of diversification of Kazakhstan’s economy during the last 15 years. Using export data, the report documents that, surprisingly, in 2010 Kazakhstan exported fewer products with comparative advantage (the measure of diversification used in this report) than it did one decade ago. Second, the report summarizes the experiences and lessons of Australia, the People’s Republic of China, the European Union, the Republic of Korea, Malaysia, and the United States, in modernizing industrial policy tools. And third, the report emphasizes that given that industrial policy should be stage-ofdevelopment dependent, Kazakhstan should implement a modern indirect industrial policy program and a risk-management framework, through the financial markets.

Suggested Citation

  • Asian Development Bank (ADB), 2013. "Report to the Government of Kazakhstan: Policies for Industrial and Service Diversification in Asia in the 21st Century," ADB Reports RPT136049-3, Asian Development Bank (ADB), revised 16 Oct 2013.
  • Handle: RePEc:asd:wpaper:rpt136049-3
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    References listed on IDEAS

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    1. Lin, Justin Yifu & Monga, Celestin, 2011. "Growth identification and facilitation : the role of the state in the dynamics of structural change," Policy Research Working Paper Series 5313, The World Bank.
    2. Dirk Willem te Velde & Justin Lin & Célestin Monga & Suresh D. Tendulkar & Alice Amsden & K. Y. Amoako & Howard Pack & Wonhyuk Lim, 2011. "DPR Debate: Growth Identification and Facilitation: The Role of the State in the Dynamics of Structural Change," Development Policy Review, Overseas Development Institute, vol. 29(3), pages 259-310, May.
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    Cited by:

    1. Petrick, Martin & Oshakbaev, Dauren & Wandel, Jürgen, 2014. "Kazakhstan's wheat, beef and dairy sectors: An assessment of their development constraints and recent policy responses [Die Erzeugung von Weizen, Rindfleisch und Milchprodukten in Kasachstan: Entwi," IAMO Discussion Papers 145, Leibniz Institute of Agricultural Development in Transition Economies (IAMO).
    2. repec:zbw:iamodp:163932 is not listed on IDEAS

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    Keywords

    kazakhstan; kazakhstan economy; kazakhstan industry; kazakhstan GDP; economic diversification;
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