Kazakhstan’s plan for economic growth is based on an open-market economy with high levels of foreign investment and internal savings. One of the fastest-growing economies in the world, Kazakhstan’s gross domestic product (GDP) has increased by 10 percent each of the last five years. Since becoming independent in 1991, Kazakhstan has undergone a transformation from post-Soviet Socialist Republic to having a robust and diverse economy, positioned for long-term growth.
The Government of Kazakhstan established several major fiscal policy initiatives in 2004, including the development of policies to improve the efficiency of government spending, ensure stability of revenues and to more consistently achieve the goals of development programs.
Changes to the budget code have been made to lend greater transparency in budgeting and to clarify the financial responsibilities of central and regional governments.
In an effort to further diversify the economy, the government has identified several sectors for growth, including tourism, oil and gas engineering, food, textile, logistics services, metallurgy and construction materials.