The Republic of Kazakhstan is the ninth largest country in the world. Kazakhstan borders are within the continents of Central Asia and Eastern Europe. This former Soviet republic declared its independence in 1991 and, since then, has experienced significant economic growth. Here are 3 interesting facts about Kazakhstan’s economy.
1. Has Vast Amounts of Natural Gas, Oil and Minerals
Energy production from these natural elements is the leading enterprise in Kazakhstan’s economy. It’s estimated that the country has about 4 billion tons of oil reserves and is expected to produce 3 million barrels of oil per day by 2015. Many countries around the world have recognized Kazakhstan as a significant force in the energy market and are investing in its resources. As of 2010, approximately 73 percent of investment in natural resources comes from overseas.
2. First Former Soviet Republic to Pay Off Debt
In 2000, Kazakhstan paid off all its debt owed to the International Monetary Fund 7 years ahead of schedule. This major achievement, coupled with the Kazakhstan democracy system, opened the economic doors for the country. In 2002, the U.S. government granted Kazakhstan market economy status sanctioned by U.S. trade laws. This market economy status allows the country to use a free price system for its goods and services.
3. First Country in the CIS to Receive Investment Grade Credit Rating
Out of the 15 former Soviet republics, now known as the Commonwealth of Independent States (CIS), Kazakhstan was the first to receive investment grade credit rating from one of the major international credit rating agencies. Having an official credit rating has played a role in Kazakhstan’s economic growth.
Knowing these interesting facts about Kazakhstan can help you to understand how this vast country plays a major role in the world’s economy.