by Semanur Öncü
Abstract
After declaring independence in 1991, Kazakhstan implemented economic reforms under the leadership of President Nazarbayev. These steps included the transition to a free market economy by reducing state intervention in markets, privatizing industries and effectively managing underground resources. As a result, the country’s international competitiveness increased. This process has strengthened Kazakhstan’s economic growth, supported by the creation of the domestic market and efforts to open up to foreign markets. The study aims to assess the profound impact of the transition to the liberal economic regime on the Kazakh economy and its relationship with macroeconomic balances.
Keywords: Kazakhstan, economy, development
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