Kazakhstan’s achievements since its independence in 1991 have been quite remarkable. The past decade in particular has been a time of great prosperity and improving living standards, mainly due to increased production and high prices of commodities. Among post-Soviet states, Kazakhstan was on the leading edge of reforms in the late 1990s and early 2000s.
Kazakhstan prudently invested some of its earnings from this period in a national fund that helped the country effectively navigate the aftermath of the 2008 global financial crisis. Now this growth model is being tested by a challenging global economic scenario and above all, a reduced outlook for revenues from oil and other commodities.
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