Development of the Kazakhstan Economy: Analytical Aspects
The article analyzes Kazakhstan's economic development, with a particular focus on the innovative elements (IEs) the country would use to attain this goal. Subsequently, it discloses the potential interrelationship — the strengths and weaknesses — between IEs and the socio-economic strategies adopted by Kazakhstan. In relying on this approach, the critique states, the country needs to mitigate (if not eliminate) the ultimate effect of economic shortfalls. Thus far, the analysis has emphasized the positive financial aspects and not the negative ones. To overcome this potential limitation in understanding the Kazakh market economy, the study suggests that the negative IE aspects be considered (especially in the process of coping with future challenges and preventing future crises). On the basis of this formulation, the review notes, a research framework has been created that contains the market mechanisms tied to the Kazakh economy. The commentary compares these mechanisms against those being pursued by that country's administration, with the long-term objective of creating conditions that curb the government's development of hydro-carbons as an economic lever. The blueprint relates, in conclusion, that Kazakhstan has untapped economic potential beyond hydro-carbons, which ultimately could be developed and marketed.