The Economy of Kazakhstan
Independence and the Transition
After the Soviet collapse in 1991, Kazakhstan suffered a deep slump, then recovered on the back of oil under President Nursultan Nazarbayev.
From Soviet republic to market economy.
Slump
Output fell sharply in the 1990s as Soviet supply chains broke.
Reforms
Privatisation, a new currency (the tenge, 1993) and opening to foreign investors.
Leadership
Nazarbayev ruled from independence until 2019.
Boom
Oil investment in the 2000s made Kazakhstan a fast-growing economy.
A new currency
The tenge replaced the rouble in 1993.
Ignoring how deep the 1990s slump was
Many lost jobs and savings.
Key takeaways
- Kazakhstan gained independence in 1991.
- Output fell.
- The tenge was introduced in 1993.
- Oil drove recovery.
No recording for this one yet - EconReader can read it aloud for you.