Затяжной путь к восстановлению

Kazakhstan’s challenging external environment caused a broad-based economic slowdown and an adjustment in income and domestic prices. The government’s macroeconomic policy stance was mixed in 2015, though in 2016 it became more consistent with lower medium term oil prices. The authorities plan to continue implementing structural reforms designed to promote diversified development. Growth is projected to recover gradually over the medium term, but the economy will continue to face substantial headwinds. Meanwhile, both fiscal and external conditions are expected to improve. However, this medium-term outlook is subject to significant downside risks, including risks to the health of the financial sector, sluggish global growth, and the potential for a deeper or more protracted recession in Russia, a further slowdown in China, continued instability in global oil markets or production delays at the Kashagan oilfield.