Trends in the development of the national economy in the context of a pandemic

Abstract

Аuthors reviewed the current state of the national economy and conducted a study
about the role of trade in the development of Kazakhstan because our country can benefit from
growth in the markets of China, Europe, and Central Asia. Continuous implementation of
structural reforms is critically important for sustaining strong and more inclusive economic
growth. Kazakhstan has made improvements in export geography diversification. According to
the forecast, the Kazakh economy will grow in conditions of weak demand from major trading
partners and decrease of earlier measures domestic demand stimulation effect.
The slowdown in growth over the past ten years is due to insufficient productivity growth. The
increase in social spending carried out this year has strengthened domestic demand and supported
economic growth, although it has led to an increase in inflation, to accelerate the pace of economic
growth, it is necessary to increase productivity.
The authors conducted an analysis of monetary policy aimed at maintaining price stability, and
the inflation rate within the target corridor of the NBK. The increase in domestic demand caused
an increase in the current account deficit and an increase in inflation, but the measures taken by
the National Bank of Kazakhstan (NBK) to control inflation helped strengthen macroeconomic
stability. In this regard, it is necessary to resume the active implementation of structural reforms
to increase productivity and attract much-needed foreign investment in the non-oil economy.
The policy measures taken so far by the State to support socially vulnerable segments of the
population, together with decisive steps to create jobs, will help reduce poverty.
The trade and export of goods in the economic development of Kazakhstan are analyzed, the
advantages of growth in the markets of China, Europe, and Central Asia are revealed. Trade
provides opportunities for economic growth and diversification beyond the oil sector