Kazakhstan possesses substantial crude oil and natural gas reserves. Growth fell sharply to +3.2% in 2008 and +1.2% in 2009 as oil prices plunged and the global credit squeeze pushed the Kazakh banking sector into a systemic crisis.
The banking sector remains vulnerable and the exchange rate will remain vulnerable to external shocks. Public finances are favourable. The current account posted a surplus of 4.6% of GDP in 2012. Gross external debt was relatively high.
The banking sector remains vulnerable and the exchange rate will remain vulnerable to external shocks. Public finances are favourable. The current account posted a surplus of 4.6% of GDP in 2012. Gross external debt was relatively high.