Kazakhstan: State Influence on Economy Lessens

The Government of Kazakhstan has studied the effect of the Comprehensive Privatization Plan implemented in 2016-2020. The analysis was conducted on the recommendation of the Supreme Audit Chamber (SAC), which previously indicated the need to assess the impact of privatization on the economy, Orda.kz reports.

The quasi-public sector has increased its contribution to the economy. Its share in GDP increased from 8.6 trillion tenge in 2016 to 10.3 trillion tenge in 2020.

Investments have increased. In 2023, organizations invested 57.5 billion tenge in fixed assets. 98% of the funds are companies' resources.

The sale of privatized assets brought 578.8 billion tenge to the state budget, and tax revenues exceeded 162 billion tenge. In 2023, these funds came from the same privatized organizations.

Thanks to privatization, the state's share in the economy decreased from 18.3% to 14.6% of GDP. Companies retained their critical areas of work and the number of employees.

Original Author: Ilya Astakhov