ECONOMIC Series of the Bulletin of the L N Gumilyov ENU https://bulecon.enu.kz/index.php/main <p><strong>Journal title: ECONOMIC Series of the Bulletin of the L.N. Gumilyov ENU</strong></p> <p><strong>ISSN (Print) 2789-4320 ISSN (Online) 2789-4339</strong></p> <p><strong> journal DOI : 10.32523/2789-4320</strong></p> <p><strong>Registered Ministry of Information and Social Development of the Republic of Kazakhstan. Certificate of registration for re-registration No. <a href="https://bulecon.enu.kz/index.php/main/libraryFiles/downloadPublic/5">KZ26VPY00032638 dated 02/19/2021</a></strong></p> <p><strong>Owner:</strong> Non-profit joint-stock company "<span style="font-size: 0.875rem;">L.N. Gumilyov </span><span style="font-size: 0.875rem;">Eurasian National University".</span></p> <p><strong>Purpose of the journal:</strong> The publication of carefully selected original scientific works in the fields of Economic Science.</p> <p><strong>Subject area</strong>: Economics (economic theory, economics and entrepreneurship, management, finance, accounting and audit, analysis, public audit, tourism).</p> <p><strong>Publication languages:</strong> Kazakh, Russian, English.</p> <p><strong>Periodicity:</strong> 4 times a year.</p> <p><strong>Territory of distribution:</strong> Republic of Kazakhstan, near and far abroad.</p> <p>The journal <strong>is included</strong> in the catalog of the National Academic Library of the Republic of Kazakhstan and the list recommended by the Committee for Quality Assurance in the Field of Science and Higher Education of the Ministry of Science and Higher Education of the Republic of Kazakhstan</p> <p><strong>Journal tasks:</strong></p> <p>˗organization of a platform for an open discussion for the exchange of scientific opinions, proposals and experience, contributing to the improvement of the quality of examination of scientific works and dissertation research;</p> <p>˗providing the domestic and foreign scientific community with the opportunity to publish theoretically and practically significant scientific papers and the results of scientific research for the qualitative development of economic science;</p> <p>˗expansion of the possibility of distribution and indexing of published scientific works in various key domestic and foreign citation bases.</p> <p>˗involvement in the professional community and assistance to young researchers in improving the quality of their publication.</p> <p>The journal is intended for domestic and foreign researchers, teachers, young scientists, practitioners interested in topical issues of economic science, entrepreneurship and tourism.</p> <p><strong>Archiving.</strong></p> <p>The journal's publishing system has set up electronic backup and preservation of access to the contents of its journals through the<a href="https://bulecon.enu.kz/index.php/main/gateway/clockss"> LOCKSS</a> system network. In accordance with article 16 "Mandatory copies of periodicals and storage of materials of television and radio programs" of the Law of the Republic of Kazakhstan "On Mass Media" dated July 23, 1999 No. 451-I: Mandatory copies of the journal are sent by the owner of the media to National libraries, The National State Book Chamber of the Republic of Kazakhstan. Electronic versions are presented in: JSC NCGNTE Foundation for the Electronic Library of the Republic of Kazakhstan; scientific electronic library Elibrary.ru; Cyberlanguage of the Open Access Scientific Electronic Library (Open Access); also journal is involved into the CrossRef Cited-by linking program. Printed versions of the journal are sent to libraries of the Republic of Kazakhstan and foreign countries.</p> <p>The journal's policy allows authors to store their publications in institutional or other repositories of their choice.</p> <p><strong>Terms of publication.</strong> All articles submitted to the Editorial Board of the journal "Economic Series of the Bulletin of L.N. Gumilyov ENU" are subject to mandatory anonymous review. Based on the reviews received, the Editorial Board of the journal makes the final decision.</p> L.N. Gumilyov Eurasian National University en-US ECONOMIC Series of the Bulletin of the L N Gumilyov ENU 2789-4320 Theoretical Methodology of the Prospective Directions in Digital Economy Development and Their Impact on Higher Education https://bulecon.enu.kz/index.php/main/article/view/1230 <p>The digital economy has become the key driver of global economic transformation. As a product of the Fourth Industrial Revolution, it is introducing profound qualitative and structural changes into the development trends and governance models of higher education systems worldwide. This article examines the development trends of the digital economy and their implications for Kazakhstan’s higher education system. The aim of the research is to evaluate the impact of digital transformation on the education sector and to identify key challenges and opportunities within this process. Building the “New Kazakhstan” requires, first and foremost, the establishment of a new global geo-economic foundation and potential aligned with middle-power status, as well as the training of highly skilled professionals who possess advanced digital literacy and practical experience to meet contemporary global demands in a multipolar and secure regional geopolitical context. The study employs comparative analysis and case study methods. The results indicate that digital transformation enhances the quality of education and improves the efficiency of the learning process. The findings provide a basis for the development of strategic recommendations for the digital advancement of the education system.</p> S. Kondybayeva А. Kaliyeva Zh. Yermekova Copyright (c) 2025 С. Кондыбаева, А. Калиева, Ж. Ермекова https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 9 26 10.32523/2789-4320-2025-3-9-26 A study of the features of Kazakhstan's innovation infrastructure and recommendations for its development https://bulecon.enu.kz/index.php/main/article/view/1254 <p>The development of various types of innovation infrastructure (national, regional, sectoral) is particularly important for sustainable development, competitiveness and economic security in countries in the context of the transition to a new technological order and the digitalization of the economy. Innovation infrastructure supports innovation activity in a country and its regions. This issue is becoming increasingly relevant due to the volatility of the global economic system and the difficult geopolitical situation.</p> <p>The aim of this article is to analyze the features of Kazakhstan’s innovative infrastructure and provide recommendations for its further development. The article examines the essence, types, and elements of innovation infrastructure, based on a theoretical review, proving its importance for the innovative development of the country.</p> <p>&nbsp;It demonstrates the role of «hard» and «soft» infrastructure elements, using the example of international experience, and reveals the benefits of various methods for organizing them. The level of regional diversity in innovative development within Kazakhstan is explored, as well as the characteristics of national, regional, and sector-specific types of innovation infrastructures. A study revealed shortcomings in SEZ operations, and the need for clustering innovation activities was justified. Conclusions were drawn about the benefits and opportunities of existing special economic zones and technology parks for organizing clusters. The recommendations on improving the organization and state support for the long-term development of innovative infrastructure were substantiated for the country.</p> N. Nurlanova F. Dnishev Ye. Myrzatay Copyright (c) 2025 Н. Нурланова, Ф. Днишев, Е. Мырзатай https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 27 42 10.32523/2789-4320-2025-3-27-42 Energy price transmission on prices of cement and iron production in EURO 19 EU countries https://bulecon.enu.kz/index.php/main/article/view/1233 <p>The article focuses on the transmission of energy prices to cement and steel prices. No significant investigations have been done on this focused area. An exploration of similar scientific articles has been performed mainly focusing on energy efficiency of cement production and iron/steel production. Furthermore key articles focusing on energy price transmission were investigated. Using indexes for EURO 19 data for producer prices for energy, cement and iron/steel, an investigation was performed to see if these variables are cointegrated. During the analysis the augmented Dickey-Fuller test, Johannsen test and Vector error correction model were used. The results show a strong cointegration between energy price and iron/steel prices. These results may be used by policy makers or stakeholders of given industries.</p> K. Mullen Copyright (c) 2025 K. Mullen https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 43 55 10.32523/2789-4320-2025-3-43-55 Modern automated system for the financial and economic analysis and management of enterprise activity https://bulecon.enu.kz/index.php/main/article/view/1169 <p style="font-weight: 400;">The present article explores the significance of a financial analysis for financial managers in the contemporary context of economic development. It focuses on automated systems for financial, economic, and managerial analysis of economic activity within an entity. Special attention in this context is given to the tools of automated financial and economic analysis. This system serves as a professional instrument for conducting comprehensive financial, economic, and managerial analysis of an enterprise's operations. The main objective of the program is to improve the process of financial analysis within a business entity.</p> <p style="font-weight: 400;">To carry out managerial and financial-economic analysis, specialized software is used, enabling full automation of these processes. The program allows for performing periodic monitoring and financial analysis of an accounting entity. This includes analysis to constitute balance estimations, to model the development of a financial situation, to constitute analytical notes, to develop programs of sanitation, and to develop the company’s development strategy.</p> D. Аkisheva А. Ibrayeva M. Iskakova Copyright (c) 2025 Д. Акишева, А. Ибраева, M. Искакова https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 56 68 10.32523/2789-4320-2025-3-56-68 Main directions of e-commerce development in Kazakhstan https://bulecon.enu.kz/index.php/main/article/view/1274 <p>This study is devoted to the analysis of the directions of e-commerce development in the Republic of Kazakhstan in the context of the digital transformation of the economy. The purpose of the work is to identify the structural and institutional factors determining the current state and prospects of e-commerce, as well as to compare national trends with international experience. The scientific significance lies in the systematization and interpretation of the key vectors of digital commerce, and the practical significance lies in the possibility of applying the results to develop strategic solutions in the field of digitalization. The research methodology is based on a content analysis of scientific literature, statistical data for 2020-2024, comparative and structural-functional approaches. In the course of the work, seven main directions of e-commerce development were identified, including the platform model, service diversification, logistics integration, institutional regulation and digital analytics. The hypothesis about the systemic nature of the transformation of the sector and the risks of platform dependence is confirmed. The results obtained contribute to a deeper understanding of the mechanisms of formation of a sustainable digital economy and can be used to improve government policy, support small businesses and develop national platforms. The contribution of the work consists in a comprehensive interdisciplinary analysis of the e-commerce market, taking into account its institutional and technological features.</p> В. Yessengeldin А. Abayev A. Zhanseitov Copyright (c) 2025 Б. Есенгельдин, А. Абаев, A. Жансейтов https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 69 82 10.32523/2789-4320-2025-3-69-82 Cluster analysis of the demographic characteristics of Kazakhstan’s regions and their relationship with income distribution https://bulecon.enu.kz/index.php/main/article/view/1275 <p>Demographic shifts are playing an increasingly significant role in shaping the socio-economic development and stability of regional systems. This study examines the relationship between demographic characteristics and income distribution across Kazakhstan’s regions in the context of widening spatial disparities. The objective is to assess how demographic factors contribute to regional differences in household income and to justify their inclusion in the formulation of socio-economic policy. The proposed methodological framework combines data normalization techniques with cluster analysis, allowing the identification of three distinct groups of regions with similar demographic profiles. For each cluster, average values of gross regional product per capita and the Gini coefficient were calculated, enabling a comprehensive assessment of the links between demographic structure and economic performance. The scientific contribution of the study lies in integrating demographic and economic analyses to reveal spatial patterns in resource allocation. The findings have practical significance for developing region-specific strategies aimed at reducing socio-economic inequalities and enhancing the effectiveness of redistribution mechanisms.</p> А. Panzabekova А. Satybaldin А. Zhanbozova Copyright (c) 2025 А. Панзабекова, А. Сатыбалдин, А. Жанбозова https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 83 100 10.32523/2789-4320-2025-3-83-100 Estimation of the cost of human capital in a small enterprise based on the extended Mincer equation https://bulecon.enu.kz/index.php/main/article/view/1276 <p style="font-weight: 400;">The article provides a comparative analysis of modern concepts and methods for measuring the human capital of enterprises: it describes traditional economic and statistical methods based on the analysis of investments in education, healthcare, and vocational training, as well as more modern tools that take into account the skills, competencies, motivation, and involvement of staff. Special attention is paid to integration models that allow for a comprehensive assessment of human capital, taking into account its contribution to production and innovation processes. The advantages and limitations of existing techniques are noted, as well as current problems and areas for their improvement. The authors emphasize the importance of a systematic approach to assessing human capital and the need to adapt it to the specifics of a particular organization or industry.</p> <p style="font-weight: 400;">It is necessary to determine the cost of human capital, primarily to improve the wage system. The article reveals the characteristic features and differences of approaches to the assessment of human capital, provides the author's definitions of the category "human capital", and the modification of the wage equation by J. Mincer. Using an extended interpretation of the equation by J. Mincer, the authors estimate the cost of human capital of a small enterprise.</p> A. Maidyrova J. Seitkhozhina А. Tolepov Copyright (c) 2025 A. Майдырова, Д. Сейтхожина, А. Толепов https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 101 118 10.32523/2789-4320-2025-3-101-118 The study of market and economic policy instruments in Kazakhstan: the case of eco-awareness policies https://bulecon.enu.kz/index.php/main/article/view/1210 <p style="font-weight: 400;">Market and economic policy tools are commonly used across the globe to address not only socio-economic issues, but also various environmental issues. In Kazakhstan, the use of market and economic policy measures has become increasingly popular among policymakers.</p> <p style="font-weight: 400;">The study aims to create the first six-item market and economic-based eco-awareness policy taxonomy, which was then evaluated based on nine socio-economic and political assessment indicators, namely effectiveness, transparency, legitimacy, political acceptability, administrative feasibility, enforcement, equity, adaptability, and positive social impact. For that, first, via a thorough literature review, a total of sixteen academic sources that covered market and economic-based eco-awareness policy instruments were identified and synthesized on Google Scholar. Then, online interviews with 30 Kazakhstani ecology experts were conducted to assess each of the six items one-by-one.</p> <p style="font-weight: 400;">Based on the assessment results, all six market and economic tools showed middle-level scores in all six indicators. While the waste charge mechanism tool demonstrated high scores in legitimacy, positive social impact, and enforcement indicators, the deposit-refund scheme and tax cuts relief measures received high scores in the positive social impact indicator. Overall, the financial support for nature conservation and eco-tourism efforts received the highest average score, followed by waste charge mechanisms and tax cut relief measures. These primary data results are of high significance for both environmental policymakers by allowing them to better understand the drawbacks and benefits of each market policy tool. However, research limitations, such as researcher bias and the market-based taxonomy being incomplete and requiring some tinkering, still need to be addressed in future research analysis.</p> Y.ernazar Kumar Zh. Utarbayeva Kristopher White Copyright (c) 2025 Е. Кумар, Ж. Утарбаева, Kristopher White https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 119 141 10.32523/2789-4320-2025-3-119-141 A Framework for Assessing Regional Innovation and Digital Capacity https://bulecon.enu.kz/index.php/main/article/view/1180 <p style="font-weight: 400;">Kazakhstan has demonstrated specific progress in the innovation and digital development of regions and cities. Nevertheless, the level of digitalization and innovation varies significantly depending on the region's territoriality. This study presents a comprehensive framework for assessing Kazakhstan's regions' innovation and digital potential through a novel Innovation and Digital Potential Index. The proposed index evaluates five key dimensions: digital infrastructure, innovative activity, human resource potential, business digitalization, and cybersecurity. The authors employed a multi-criteria analysis approach using the Analytic Hierarchy Process for weighted indicators. The results obtained make it possible to analyze the territorial prospects of innovative and digital development based on indicators of regional innovation activity and digital infrastructure. The Republic of Kazakhstan's overall index of innovation and digital potential is 0.55 (from 0 to 1), the average indicator for the main criteria of innovation and digital development. The empirical findings highlight significant regional disparities in digital and innovation capacity, with major urban centers exhibiting the highest index scores. At the same time, less-developed regions lag behind due to gaps in infrastructure and policy. The results underline the need for targeted policy interventions, including enhanced broadband accessibility, fiscal incentives for digital transformation, and stronger cybersecurity measures. The results of this research contribute to the broader discourse on digital economy development and provide actionable insights for policymakers to drive inclusive and sustainable innovation ecosystems to realize the innovative anddigital potential, considering the territorial characteristics of the country.</p> L. Kuanova R. Doszhan N. Shirazi Copyright (c) 2025 Л. Куанова, Р. Досжан, N. Shirazi https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 142 160 10.32523/2789-4320-2025-3-142-160 Managing the Perception of Coffee Shop Advertising Communications: A Neuromarketing Approach https://bulecon.enu.kz/index.php/main/article/view/1241 <p>In the context of economic digitalization and increasing competition in the online environment, analyzing the effectiveness of advertising communications using neuromarketing tools becomes especially relevant. The aim of the article is to identify the gender-specific features of advertising perception based on eye-tracking analysis of promotional materials on social media. The study employed Eye Tracker equipment, which made it possible to record key metrics such as attention, visibility, and interest in various visual and textual elements of advertising messages. The results showed that the level of attention and interest was higher among men than women. The greatest engagement was observed in the advertisement for the opening of a new coffee shop, compared to the advertisement of the drink preparation process, indicating the presence of the "banner blindness" effect. It was also found that visual content attracts attention more quickly, while textual elements are viewed more consciously, highlighting the importance of their meaningful development. The scientific and practical significance of the research lies in the justification of approaches to the creation of advertising materials, taking into account gender specifics and features of visual perception, which can be used in the development of effective digital marketing strategies.</p> М. Smykova S. Yolсu N. Sokhatskaya Copyright (c) 2025 М. Смыкова, С. Йолджу, Н. Сохатская https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 161 178 10.32523/2789-4320-2025-3-161-178 Contemporary Issues in Enhancing the Innovation Capability of Universities in Kazakhstan https://bulecon.enu.kz/index.php/main/article/view/1160 <p>The article discusses the current problems and prospects for the development of the innovative capability of universities in the Republic of Kazakhstan. The need to develop the innovative capability of a higher education organization is associated with trends and challenges of the last decade related to education as a socially significant part of the national economy. Today, Kazakhstani universities require measures to become centers of innovation activity and a driving force for innovative development in the regional and Kazakhstan economy. The methodological basis of the article includes an expert survey method to identify barriers to increasing the innovation capability of universities. Experts from 11 national universities participated in the survey, which included the first heads of universities and heads of departments for the development of science and innovation. The results of the survey analysis showed that the largest number of respondents noted insufficient funding, limited collaboration with the industry, as well as bureaucratic obstacles. The materials of the article can be used for further development of measures to enhance innovation activity in higher education and increase its competitiveness.</p> A. Abaidilda Sh. Turmakhanbetova A. Pranevich Copyright (c) 2025 A. Абайдильда, Ш. Турмаханбетова, A. Праневич https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 179 189 10.32523/2789-4320-2025-3-179-189 Factor analysis of the digital transformation of healthcare in the Republic of Kazakhstan https://bulecon.enu.kz/index.php/main/article/view/1268 <div> <p><span lang="KZ">This study analyzes the main drivers of healthcare digital transformation in Kazakhstan and provides recommendations to improve organizational and economic mechanisms for digital technology implementation. The purpose of the study is to analyze the impact of the factors of digital transformation of healthcare in the Republic of Kazakhstan on the dynamics of digitalization of the industry and, based on the results of multifactorial economic and statistical analysis and trend modeling, to develop sound organizational and economic mechanisms and practical recommendations for accelerated implementation of digital technologies in the healthcare system. The methodology combines economic and statistical analysis, logical evaluation of digital components, and a systems approach. Key methods include data grouping, synthesis, deduction, abstraction, comparative and factor analysis, and mathematical forecasting.</span></p> </div> <div> <p><span lang="KZ">The findings highlight critical drivers: investment in information and communication technologies (ICT), digital literacy, medical research and development, and innovation activity. A multifactor regression model confirmed the strong impact of ICT spending and research on transformation levels. Trend-based forecasting showed favorable prospects for ICT investment growth in healthcare.</span></p> </div> <div> <p><span lang="KZ">To accelerate digitalization, Kazakhstan should expand ICT investment, develop innovative healthcare infrastructure, and strengthen digital skills among medical staff and the public. Effective policy, regulatory improvements, and support for advanced technologies are essential to ensure sustainable modernization of the healthcare system.</span></p> </div> А. Omarova Zh. Zeinullina А. Mazina Copyright (c) 2025 А. Омарова, Ж. Зейнуллина, А. Мазина https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 190 204 10.32523/2789-4320-2025-3-190-204 Effectiveness of agricultural subsidies in Kazakhstan as a factor of inclusive development https://bulecon.enu.kz/index.php/main/article/view/1194 <p>Agriculture plays a key role in the economy of Kazakhstan ensuring food security. Under conditions of climate change and economic instability, subsidies remain the main instrument of the state support. However, the effectiveness of such a measure requires deep analysis.</p> <p>This article is devoted to analysis of the impact of the state subsidies on volume of agricultural production in Kazakhstan for the period 2017–2023. The problem of the research is to identify the effectiveness of subsidizing the agro-industrial complex (AIC) in the context of changing economic and climatic factors. The relevance of such research is due to the importance of state support for increasing the sustainability and competitiveness of the agricultural sector in the country.</p> <p>The research results have shown the subsidies exert a significant positive impact on agricultural production and underline the need for strengthening subsidies, improving availability of credit and implementation of modern technologies in agriculture. It is recommended to develop strategies aimed at increasing labor productivity and profitability of the agricultural sector, as well as effectiveness monitoring of government support programs.</p> R. Sarbassova B. Aimurzina G. Mataibaeva Copyright (c) 2025 Р. Сарбасова, Б. Аймурзина, Г. Матайбаева https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 205 226 10.32523/2789-4320-2025-3-205-226 Prospects for the development of digitalization in taxation https://bulecon.enu.kz/index.php/main/article/view/1141 <p>This article provides a comprehensive analysis of the current state and future prospects of digitalization in taxation, with a specific focus on the case of Kazakhstan. The purpose of the research is to evaluate the role of modern digital technologies such as artificial intelligence, blockchain, big data analytics, and electronic services in enhancing tax administration efficiency, improving transparency, reducing the shadow economy, and creating favorable conditions for taxpayers. Methodologically, the study applies comparative analysis, system analysis, forecasting, and dynamic assessment, supported by international benchmarking. The paper reviews major digital projects implemented in 2024, including e-Salyq Business, e-Salyq Azamat, electronic invoicing systems, the “e-Qarzhymin” integrated platform, and the “Treasury-Client” service. Statistical indicators demonstrate that these initiatives have accelerated payment processes, reduced administrative costs, and increased overall tax revenues.</p> <p>The findings indicate that digitalization of taxation is not limited to technical modernization but represents a strategic driver for sustainable economic development. It strengthens citizens’ trust in government institutions, improves budgetary stability, supports small and medium-sized enterprises, and aligns Kazakhstan’s tax system with international best practices. The conclusions of the study emphasize that expanding digital solutions in taxation is essential for reducing the shadow economy, ensuring equitable tax collection, and improving Kazakhstan’s global competitiveness. The article ends with recommendations aimed at optimizing digital transformation policies in tax administration.</p> N. Khamithan R. Bekbulatova Sh. Niyazbekova Copyright (c) 2025 Н. Хамитхан, Р. Бекбулатова, Ш. Ниязбекова https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 227 241 10.32523/2789-4320-2025-3-227-241 An investment-budget approach to stimulating green financing https://bulecon.enu.kz/index.php/main/article/view/1149 <p>The scientific article explores the investment-budgetary approach as a key mechanism for stimulating green financing in Kazakhstan amid global climate change and the growing demand for sustainable development. It examines the theoretical foundations of how public investments and budget classifications influence the attraction of private capital to green projects, drawing on crowding-in signal theory and public-private partnership concepts. The study analyzes the current state and effectiveness of existing green-finance programs in Kazakhstan, identifying the main constraints and barriers to their development. Based on international best practices from leading countries in green finance, the authors propose recommendations for adapting successful measures to Kazakhstan. Particular attention is given to the role of government guarantees and budget co-financing as tools for catalyzing green investment. The conclusion outlines the advantages and potential risks of the investment-budgetary approach and considers scenarios for the development of green financing in Kazakhstan through 2030. The article is relevant to specialists in green economics, researchers, government agencies, the financial and investment sectors, international organizations, and businesses.</p> L. Magzumova Zh. Bulakbay K. Auyezova Copyright (c) 2025 Л. Магзумова, Ж. Булакбай, К. Ауезова https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 242 258 10.32523/2789-4320-2025-3-242-258 The role of the banking sector in ensuring the sustainability of small and medium-sized enterprises: risks and opportunities https://bulecon.enu.kz/index.php/main/article/view/1267 <p>In the context of accelerating digitalization and heightened global economic risks, the sustainability of small and medium-sized enterprises (SMEs) in Kazakhstan is closely linked to the efficiency of cooperation with the banking sector. This article explores the dual role of banks as both financial intermediaries and institutional stabilizers that shape the resilience of SMEs. The study analyzes statistical indicators, national lending dynamics, and government support programs to highlight both opportunities and structural barriers. On the one hand, the growing volume of SME lending, the introduction of unsecured loan instruments, and the expansion of digital banking services are driving financial inclusion and reducing transaction costs. On the other hand, challenges remain in the form of high interest rates, limited collateral, and unequal access to capital between regions. The research concludes that the long-term sustainability of SMEs requires a comprehensive strategy that combines adaptive banking instruments, regulatory predictability, and coordinated government policies. Particular emphasis is placed on developing a trust-based financial environment, strengthening risk management mechanisms, and promoting inclusive growth across diverse economic sectors.</p> A. Akhmetov А. Akpanov Ye. Kim Copyright (c) 2025 A. Ахметов, А. Акпанов, Е. Ким https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 259 271 10.32523/2789-4320-2025-3-259-271 The impact of financial development institutions on the financing of the agro-industrial sector in Kazakhstan https://bulecon.enu.kz/index.php/main/article/view/1199 <p><strong>Abstract. </strong>This article examines the main areas of financing of the agro-industrial complex by the Government of the Republic of Kazakhstan, and also raises the question of the degree of influence of financial development institutions in this industry. Currently, the transience of changes in politics, economics and climate around the world is extremely leading to instability in the global agricultural and food markets. As a result, government support in the small agribusiness sector in the country is an integral and important part of economic development. The country's food security is the development of agriculture. The purpose of this article is to analyze the current state and features of financing the agricultural sector in Kazakhstan through financial development institutions, identify the impact on the availability of financial resources, and develop recommendations for improving financing mechanisms, taking into account current economic realities and government support programs. The article provides an analysis of the activities of financial development institutions in providing support in the agro-industrial sector by financing investment projects. The development of the agricultural sector, increasing the competitiveness and sustainability of agricultural enterprises are important economic indicators in the development of this sector of the economy. The relevance of the article lies in seeing the picture of the development of the country's agricultural sector through the prism of the activities of financial development institutions.</p> M. Aubakirova S. Makysh S. Kozak Copyright (c) 2025 М. Аубакирова, С. Макыш, S. Kozak https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 272 287 10.32523/2789-4320-2025-3-272-287 Development and validation of deep learning architectures for Kazakhstan market forecasting with integration of ESG factors and attention mechanisms https://bulecon.enu.kz/index.php/main/article/view/1269 <p>In this article, the authors conducted a study on the application of deep learning architectures for forecasting the dynamics of the Kazakhstan market with the integration of ESG factors and attention mechanisms. It is demonstrated that hybrid CEEMDAN-LSTM models achieve high accuracy in predicting green bonds (RMSE = 0.268), outperforming traditional methods by 30–40%. Research from 2023–2025 confirms the effectiveness of multi-head attention mechanisms, which enable up to 94% accuracy in short-term forecasts. Based on the experience of emerging markets in Central Asia, it was established that about 31% of financial institutions already employ artificial intelligence technologies, while the green bond market in Kazakhstan has reached USD 441 million with the support of the AIFC Green Finance Centre.</p> <p>Special attention is given to the transformation of green finance through the integration of advanced deep learning architectures with sustainable investment strategies. The authors established that transformer models are effective for analyzing long-term ESG dependencies, whereas LSTM and GRU architectures are optimal for short-term volatility forecasting. A critical condition for improving accuracy is high-quality data preprocessing and the appropriate selection of evaluation metrics (MAE, RMSE, MAPE) adapted to the specifics of financial time series.</p> <p>The results obtained show that the proposed approach can serve as a scientific and practical basis for the analysis and forecasting of the stock market, opening new opportunities for the development of sustainable finance in Kazakhstan.</p> А. Bekbolsynova L. Sembiyeva D. Juočiūnien Copyright (c) 2025 А. Бекболсынова, Л. Сембиева, D. Juočiūnien https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 288 305 10.32523/2789-4320-2025-3-288-305 Impact of transactional activity of second-tier banks in Kazakhstan on the country's macroeconomic indicators and GDP https://bulecon.enu.kz/index.php/main/article/view/1238 <p>In an era of rapid macroeconomic change and recurring financial instability, understanding the factors that influence national economic resilience is vital. This study examines the transactional activity of second-tier banks in Kazakhstan and their role in shaping core macroeconomic indicators such as gross domestic product (GDP), poverty, and unemployment. The aim is to explore the connection between financial operations and socio-economic development under conditions of digital transformation in the banking sector. The study is significant for its contribution to economic resilience literature, and its practical relevance lies in informing policy and strategy for banking modernization. Using official data from 2013 to 2023, the research employs correlation and regression analysis to assess the relationship between banking transaction volumes and GDP trends. A strong positive correlation (r = 0.92) was identified, showing that transactional capacity contributes to GDP growth and enhanced financial inclusion. The research provides evidence that digital financial services improve access to banking, reduce poverty, and elevate living standards. The findings offer strategic insights for policymakers and lay the groundwork for further empirical studies in financial sector development.</p> Sh. Abzhalelova G. Mukhanova Zh. Yeszhanova Copyright (c) 2025 Ш. Абжалелова, Г. Муханова, Ж. Есжанова https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 306 329 10.32523/2789-4320-2025-3-306-329 Problems and priorities of improving risk-based regulation and supervision of the banking sector https://bulecon.enu.kz/index.php/main/article/view/1059 <p>The pace of development of the banking system is significant for any state. This is because currently the banker is an initiative driver of financing the economy. In turn, financial instability or insolvency of the bank as a whole leads to instability of the banking system of this state and consumer distrust of the banking sector. Therefore, in order not to lose the financial stability of the banking sector and consumer confidence in the market, preventive measures for second-tier banks with high risk are constantly being identified and implemented by the authorized body in the banking sector, in turn, through risk-oriented regulatory and supervisory measures. In this article, the authors identify problems arising in the course of risk-based regulation and supervision of second-tier banks in the Republic of Kazakhstan, consider trends such as the experience of applying the reporting of audit organizations in the regulation and supervision of banks in various states, the interaction of supervisory authorities and audit organizations, take into account the points that can be taken into account in the domestic In practice, recommendations are given to improve risk-based regulation and supervision. The authors' recommendations based on the analysis allow the domestic supervisory authority to take appropriate measures during the supervision of STB.&nbsp;&nbsp;</p> P. Buzaubayeva G. Kantoroeva К. Rakhimzhanova Copyright (c) 2025 П. Бузаубаева, Г. Кантороева, К. Рахимжанова https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 330 348 10.32523/2789-4320-2025-3-330-348 Application of International Experience in Enhancing Human Resource Management in the Field of State Audit https://bulecon.enu.kz/index.php/main/article/view/1273 <p>This article explores the application of international experience to improve human resource management (HRM) in Kazakhstan’s state audit system. The study aims to identify best practices from OECD and INTOSAI countries and propose ways to adapt them to strengthen Kazakhstan’s audit institutions. Emphasis is placed on developing standardized training, ensuring institutional independence, and reducing functional overlap among audit bodies. The research is scientifically significant in showing how strategic HRM reforms can enhance audit quality and public accountability. Methodologically, it uses comparative institutional analysis, document review, and descriptive statistics to evaluate Kazakhstan’s current HRM framework against international models. The results highlight persistent staffing shortages, uneven certification rates, and insufficient incentives for auditors. Recommendations include implementing standardized certification aligned with international standards, reforming recruitment and retention policies, strengthening internal audit independence, and clarifying mandates to reduce duplication. The study’s contribution lies in adapting proven international HRM strategies to Kazakhstan’s context, offering a roadmap for building a more professional, stable, and effective state audit system. Practically, these reforms can improve transparency, reduce corruption risks, and ensure better stewardship of public resources.</p> Z Zhanybayeva Z. Bashu M. Petrova Copyright (c) 2025 З. Жаныбаева, З. Башу, М. Петрова https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 349 362 10.32523/2789-4320-2025-3-349-362 Possibilities of applying artificial intelligence in state audit https://bulecon.enu.kz/index.php/main/article/view/1088 <p>This article provides a comprehensive systems analysis aimed at assessing the capabilities and risks of using artificial intelligence (AI) technologies in the context of state audit. The main focus is on the transformational potential of artificial intelligence, which can significantly change and simplify audit processes. The purpose of this study is to analyze and summarize the capabilities and risks of using artificial intelligence technologies in state audit. The study used general scientific methods for understanding socio-economic phenomena and a systems approach, which made it possible to identify the most significant artificial intelligence tools that can improve the efficiency of audit procedures. The article discusses key artificial intelligence technologies, including process automation, big data analysis and predictive analytics, which can help improve the quality of public audit, reduce costs and reduce staff turnover in public audit bodies. It is noted that the introduction of artificial intelligence requires the development of new skills and approaches by auditors, which poses new challenges and tasks for government agencies.</p> <p>As a result, the authors come to the conclusion that the integration of artificial intelligence technologies into the business processes of public audit bodies is not only relevant, but also necessary to ensure sustainable development and improve the efficiency of public administration in the context of digital transformation.</p> K. Balginova G. Tussibaeva G. Sagindykova Copyright (c) 2025 K. Балгинова, Г. Тусибаева, Г. Сагиндыкова https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 363 382 10.32523/2789-4320-2025-3-363-382 Economic aspects of the digital transformation of Kazakhstan's tourism industry https://bulecon.enu.kz/index.php/main/article/view/1162 <p style="font-weight: 400;">Tourism is an important, highly profitable and dynamically developing branch of the global economy. The effective growth of tourism has a significant impact on important sectors of the economy, including transport and communications, trade, construction, agriculture, and consumer goods production.</p> <p style="font-weight: 400;">The article analyzes recent changes in the tourism sector driven by digital technologies. It discusses trends in the use of mobile applications, online booking systems, QR codes, virtual tours, and digital navigation tools. Shifts in consumer behavior and the transition from traditional sales channels to digital platforms are highlighted. Statistical data are provided on tourist accommodation, hotel revenues, and online sales dynamics in Kazakhstan. The study examines the role of online reputation and customer reviews in shaping travel decisions. It also outlines the growing use of personalized and secure services and the effectiveness of digital customer interaction. Attention is given to national digital programs and the development of information platforms supporting tourism digitalization. The article emphasizes the digital environment as a key factor in boosting competitiveness and ensuring sustainable development of tourism services. It concludes that the adoption of innovative technologies is essential for improving service quality and expanding both domestic and inbound tourism.</p> A. Оmаrоvа Z. Bоrbаsоvа S. Ulakov Copyright (c) 2025 A. Омарова, З. Борбасова, С. Улаков https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 383 396 10.32523/2789-4320-2025-3-383-396 Soft tourism as a tool for sustainable development of destinations in the regions of Kazakhstan https://bulecon.enu.kz/index.php/main/article/view/1082 <p>Kazakhstan, with its significant natural and cultural potential, faces difficulties in the field of sustainable development of tourist destinations, including due to mass tourism, which has a negative impact on the ecosystem and traditional way of life of local communities. This problem hinders the sustainable development of tourist destinations and reduces the attractiveness of tourist resources within the boundaries of the tourist area. In accordance with global trends, soft tourism is one of the important tools that can ensure the sustainable development of domestic tourist destinations.</p> <p>The article examines the concept of soft tourism as a tool that allows for the sustainable development of destinations in the regions of Kazakhstan. The authors analyzed the basic principles of soft tourism in modern conditions and considered ways of their application in the development of domestic tourist territories.</p> <p>The study examined, using statistical analysis methods, the hypotheses that soft tourism today is the main means of sustainable development of destinations, and modern tourists are interested in the transition from mass tourism to soft tourism, and try to take responsibility for the environment. As a result of the study, the authors identified the importance of soft tourism in ensuring sustainable development of the destination and noted its economic and social significance.</p> B. Onayeva К. Mussina A. Mukanov Copyright (c) 2025 Б. Онаева, К. Мусина, A. Муканов https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 397 415 10.32523/2789-4320-2025-3-397-415 Model for the introduction of space tourism into the classification of tourism https://bulecon.enu.kz/index.php/main/article/view/1239 <div><span lang="KZ">Space tourism is an area with high potential that allows humanity to explore space and gain new experiences. With the development of technology and the improvement of space infrastructure, space tourism has become a reality that opens up new prospects for both tourists and the entire tourism industry. This study considers the potential of space tourism, its impact on the traditional tourism industry, as well as the possibility of introducing space tourism into the classification system of tourist destinations. The main purpose of the study is to analyze the possibilities of integrating space tourism into the criteria for classifying such types of tourism as the duration of the trip, the purpose of the trip, and the vehicles used. The uniqueness of the study lies in the fact that, for the first time, based on primary indicators, space tourism was formally introduced into the classification of tourism</span></div> <div><span lang="EN-US">.</span></div> <div><span lang="KZ">The practical significance of the study lies in its use for the development of the tourism industry, adaptation to modern technologies, and new destinations. </span></div> <div><span lang="EN-US">The research methodology is a content analysis of research by private suborbital companies such as Virgin Galactic, Blue Origin, and SpaceX.</span></div> <div><span lang="KZ"> The main results indicate that the development of space tourism, to better structure and understand new destinations, requires updating the classification system. </span></div> А. Kozhanazar A. Tleubayeva M. Dincer Copyright (c) 2025 А. Кожаназар, A. Тлеубаева, М. Динчер https://creativecommons.org/licenses/by-nc/4.0 2025-09-30 2025-09-30 3 416 431 10.32523/2789-4320-2025-3-416-431