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Kazakhstan

Macro View

Frontier Markets

Frontier Markets: How Correlated with Global Markets and Each Other?

Will Frontier Markets Have More Access to Bond Markets in 2010?

Kazakhstan : Russia and CIS : Sub-Saharan Africa : Europe : Frontier Markets : Middle East and Africa : Macro View : Markets : Capital Flows, FDIs, Capital Controls : Equities : External Balance :

Kazakhstan: Economic Profile

Kazakhstan: Signs of Recovery?

Kazakhstan Moves to Diversify its Reserves

Central Asia : Kazakhstan : Russia and CIS : Europe : Macro View : Growth Outlook and Business Cycle :

CIS Countries: Economic Profiles

CIS Growth Outlook 2010

CIS Currency Watch 2010

Central Asia : Kazakhstan : Russia and CIS : Ukraine : Macro View : Growth Outlook and Business Cycle :

The IMF Rescues the CIS

Politics Endangers IMF Programs in Several Countries

How Flexible Will the IMF Be With Ukraine?

Central Asia : Kazakhstan : Russia : Russia and CIS : Ukraine : Europe : Macro View : Current Financial Crisis : IMF and International Economic Institutions : Systemic Risk, Vulnerabilities and Asset Bubbles :

Markets

Frontier Markets

Frontier Markets: How Correlated with Global Markets and Each Other?

Will Frontier Markets Have More Access to Bond Markets in 2010?

Kazakhstan : Russia and CIS : Sub-Saharan Africa : Europe : Frontier Markets : Middle East and Africa : Macro View : Markets : Capital Flows, FDIs, Capital Controls : Equities : External Balance :

Finance & Banking

Kazakhstan: Banking Sector

Kazakhstan: Banks Resort to Debt Restructuring

Kazakhstan Moves to Diversify its Reserves

Kazakhstan : Russia and CIS : Frontier Markets : Finance and Banking : Banks and Risk Management :

Geostrategic & Long Term Issues

Russia and the U.S.

U.S.-Russia Ties: Nuclear Disarmament Treaty in Sight?

U.S. Scales Down Missile Shield in Eastern Europe

Baltics : Central Asia : Central Europe : Estonia : Kazakhstan : Latvia : Lithuania : Poland : Russia : Russia and CIS : Ukraine : United States : Europe : North America : Geostrategic and Long Term Issues : Foreign Policy and Geostrategic Risks : Nuclear Proliferation : Terrorism, Civil Strife and Security :

Shanghai Cooperation Organization

Shanghai Cooperation Organization: NATO of the East?

Central Asia : China : Kazakhstan : North East Asia : Russia : Russia and CIS : Geostrategic and Long Term Issues : Energy Security and Supply Risks : Foreign Policy and Geostrategic Risks : International Organizations : Terrorism, Civil Strife and Security :

Key Indicators

Current account - Balance
 Current account
 (Mil. U.S. $)
335.43,-1055.84,-1998.56,-8226.39,6978.13 6,978.13
data by Moody's

RGE's Q1 2010 Kazakhstan Outlook

Despite improvements in industrial production and improved external demand, Kazakhstan’s recovery (like that of Russia) has been sluggish, with only limited improvements in H2 2009.  Kazakhstan’s unemployment is still relatively low and government spending...

Read the Q1 2010 Kazakhstan Outlook.

RGE Analysis

Kazakhstan: Q1 2010 Outlook

By Kavitha Cherian and Rachel Ziemba Jan 30, 2010

Kazakhstan Economic Outlook, Q4 2009

Kavitha Cherian & Rachel Ziemba Oct 07, 2009

Kazakhstan Economic Outlook, Q3 2009

Kavitha Cherian & Rachel Ziemba Jul 24, 2009

Russia and Kazakhstan: A Tale of Two Devaluations

Rachel Ziemba and Kavitha Cherian Feb 08, 2009

EconoMonitors

Global Macro EconoMonitor

The Myth of Nabucco: Greed, Delusion, and Geopolitics

John Daly Jan 7, 2010

Emerging Markets Monitor

China Secures Gas Supply From Turkmenistan: Who’s the True Winner?

Philip H. de Leon Dec 23, 2009

Daily Digest

Analysis

Russia and Kazakhstan Consider Reviving Bilateral Trade

Jamestown Foundation  Mar 16, 2010

News

Kazakhstan Plans First Sale of Islamic Debt in 2010

Bloomberg  Nariman Gizitdinov and Denis Maternovsky Mar 15, 2010

News

East Europe Leads Stock Gains Since Post-Lehman Low

Bloomberg  Mar 9, 2010

News

Russia may scrap ruble for new customs union currency

Bloomberg  Paul Abelsky and Maria Levitov Mar 5, 2010

News

Kazakh Economy May Grow 1.5% in 2010, Government Says

Bloomberg  Nariman Gizitdinov Mar 4, 2010

Analysis

Oil & Gas: KazMunaiGas E&P is due to publish 4Q09 financial results today

Alfa Bank  Mar 1, 2010

Opinions

A Semi-Soviet Union is Born: Many Kazakhs fear the new Russian-led customs union will be a very unequal partnership

Transitions Online  Kenjali Tinibai Mar 2, 2010

News

Kazakhstan emerging as most proactive market

Arab News  Mar 1, 2010

Opinions

Banks still cautious about lending as Kazakh growth returns

Business New Europe (Subscription)  Clare Nuttall Mar 1, 2010

Research

Bank cost efficiency in Kazakhstan and Russia

Bank of Finland  Anatoly Peresetsky Feb 1, 2010

Analysis

NATO-Kazakhstan Transit Agreement: Unleashing the Potential of Northern Supply Route

Jamestown Foundation  Roman Muzalevsky Feb 24, 2010

Analysis

Central Asia: Regional Developments and Implications for U.S. Interests

Congressional Research Service  Jan 10, 2010

News

Freeze Grips Kazakstan

Institute for War and Peace Reporting  Feb 26, 2010

Analysis

Emerging Economies: overview of country risk

BNP Paribas  Guy Longueville - François Faure Jun 16, 2009

Analysis

Kazakhstan Macro View: Recovery Well on Track

Citi Emerging Markets Daily  Elina Ribakova and Maria Semikhatova Feb 10, 2010

Analysis

Focus on Kazakhstan — Recovery well on track; Czech Republic — FX market turnover declined somewhat in January; Poland — Government wants to cut fiscal deficit below 3% in 2012

Citigroup  Feb 10, 2010

Research

In the wake of the crisis: dealing with distressed debt across the transition region

EBRD  Feb 1, 2010

Analysis

Globalizing New Media in Kazakhstan

Central Asia Caucasus Institute  Rafis Abazov Feb 2, 2010

Analysis

Kazakhstan, Russia Heading in Different Directions on Oil Taxation Policy

IHS Global Insight  Feb 5, 2010

Analysis

Focus on Kazakhstan — Moderate tenge appreciation appears imminent; South Africa — Vehicle sales are turning too

Citigroup  Feb 3, 2010

Analysis

Russian airlines in 2009: The worst is behind us; The end of the Equity winning streak, Sberbank CEO proposes decrease in CBR stake

Alfa Bank  Jan 29, 2010

Blogs

Let’s Stick Together: Pros and Cons of the Tripartite Customs Union in the CIS

EBRD Blog  Feb 1, 2010

News

Kazak Migrant Policy Criticised

Institute for War and Peace Reporting  Nikolai Tsoy Jan 27, 2010

News

Kazakhstan to Double Metals Output Within Five Years

Bloomberg  Nariman Gizitdinov Jan 29, 2010

News

The West’s recession spurs China’s hunt for energy supplies in its own backyard

Economist  Jan 28, 2010

Analysis

Kazakhstan economy: Ripping up the big three PSAs?

Economist Intelligence Unit  Jan 27, 2010

News

Kazakhstan in western oil deals threat

Financial Times  Isabel Gorst Jan 27, 2010

Analysis

Kazakhstan: 4Q2009: An Extraordinary Growth

RAKURS  Jan 26, 2010

Analysis

EBRD ups 2010 forecasts for some countries, recovery remains fragile

European Bank for Reconstruction and Development  Jan 22, 2010

Analysis

Global Economic Prospects 2010: Crisis, Finance, and Growth

World Bank  Jan 21, 2010

Analysis

Regional Economic Prospects: Europe and Central Asia

World Bank  Jan 21, 2010

News

Report: Democratic Decline Continues Across Former Soviet States

Radio Free Europe  Nikola Krastev Jan 13, 2010

Blogs

Kazakhstan’s Missing Middle

EBRD Blog  Nov 27, 2009

Analysis

Wrongly labelled: The economic downturn has made it harder to speak sensibly of a region called “eastern Europe”

Economist  Jan 7, 2010

Analysis

China Tightens Grip on Kazakh Gas

Jamestown Foundation  Farkhad Sharip Jan 7, 2010

Analysis

Kazakhstan claims to be biggest uranium miner

Financial Times  Isabel Gorst Dec 30, 2009

News

Kazakhstan May Seek World Bank Loan, Delay Bond Sale

Bloomberg  Nariman Gizitdinov Dec 29, 2009

Opinions

Kazakhstan 2010: A transition year

Business New Europe (Subscription)  Dec 28, 2009

News

BTA Bank Sees 2011 Profit After Reaching Debt Accord

Bloomberg  Nariman Gizitdinov Dec 22, 2009

News

BTA Bank’s 2009 Loss Widens to $13.9 Billion, Regulator Says

Bloomberg  Nariman Gizitdinov Dec 21, 2009

Analysis

Exchange Rate Assessments: Methodologies for Oil Exporting Countries

IMF  Rudolfs Bems and Irineu Carvalho Filho Dec 1, 2009

News

Plot Thickens in Kazakh Nuclear Industry Probe

International Relations and Security Network  Joanna Lillis Dec 17, 2009

Analysis

Kazakhstan to Assume Chair of OSCE, Europe’s Largest Security Organization

Center for Strategic and International Studies  Janusz Bugajski Dec 1, 2009

Research

How Russia Affects the Neighborhood: Trade, Financial, and Remittance Channels

IMF  Alturki, Fahad, Espinosa-bowen, Jaime, Ilahi and Nadeem Dec 1, 2009

Analysis

Kazakhstan: Has Astana Met its OSCE Pledges

Eurasia Net  Joanna Lillis Dec 3, 2009

Analysis

Fitch Revises Kazakhstan's Outlook to Stable; Affirms 'BBB-'

Fitch Corporate  Dec 17, 2009

Opinions

Doubts Rise As Kazakhstan Prepares For OSCE Chairmanship

Radio Free Liberty  Bruce Pannier Dec 5, 2009

News

Alliance Creditors Back $4.5 Billion Restructuring

Bloomberg  Nariman Gizitdinov Dec 15, 2009

Analysis

Kazakhstan: Country outlook Dec

Economist Intelligence Unit  Dec 10, 2009

Analysis

Customs Union with Russia and Belarus Raises Doubts in Kazakhstan

Jamestown Foundation  Farkhad Sharip Dec 8, 2009

News

Kazakh groups to snub London

Financial Times  Stefan Wagstyl Dec 7, 2009

Analysis

Kazakh groups to shift away from London

Financial Times  Stefan Wagstyl Dec 6, 2009

Analysis

How Active are Retailers in EMEA?

CB Richard Ellis  Nov 1, 2009

News

Kazakhstan to Spend $67 Billion to Wean Economy Off Commodities

Bloomberg  Alex Nicholson and Nariman Gizitdinov Dec 4, 2009

News

BTA Bank Seeks Early Loan Payments Amid Fight With Ex-Managers

Bloomberg  Nariman Gizitdinov Nov 20, 2009

Analysis

Chinese investments in Kazakh energy worry Europeans

Silk Road Intelligencer  Oct 17, 2009

Analysis

Chinese investments in Kazakh energy worry Europeans

Silk Road Intelligencer  Oct 17, 2009

News

GDP down 2.2 percent year-on-year; government still hopes for growth in 2009

Silk Road Intelligencer  Nov 17, 2009

Blogs

Residential real estate: Good days in Kazakhstan still another 2-3 years off

Silk Road Intelligencer  Clare Nuttall Oct 22, 2009

Analysis

Kazakhstan and the Organisation for Security and Co-operation in Europe: Values Clash

World Today, Chatham House  Alex Nice Dec 1, 2009

News

Kazakh Bank Risk Waning, Economy Troughed, UBS Says

Bloomberg  Tasneem Brogger and Stephen Kirkland Nov 18, 2009

News

Kazakhstan Plans to Sell First Foreign Bond in Decade

Bloomberg  Nariman Gizitdinov and Denis Maternovsky Nov 10, 2009

Analysis

Energetic Kazakhstan: The Central Asian country is quickly becoming a showpiece of energy wealth

Eurasia Net  Joanna Lillis Oct 29, 2009

Analysis

EBRD Transition Report 2009: Transition in crisis? (Executive Summary)

EBRD  Nov 1, 2009

News

Global Crisis ‘Highlights’ Imbalances in Transition, EBRD Says

Bloomberg  Agnes Lovasz Nov 2, 2009

Analysis

Emerging Europe Sovereign Review: 2009

Fitch Ratings (free registration)  Oct 28, 2009

Analysis

Special: CEE currencies

Raiffeisen Research  Oct 22, 2009

News

China Moves for Kazakh Oil

Forbes  Simon Buxton Oct 2, 2009

Analysis

CIS growth - not a Panglossian view

Business New Europe and Nomura  Ivan Tchakarov Oct 15, 2009

News

Russia to Pursue Separate WTO Talks as Joint Bid Is ‘Unlikely’

Bloomberg  Paul Abelsky Oct 16, 2009

Analysis

EBRD revises down 2009 economic forecasts, sees fragile recovery in 2010

EBRD  Oct 15, 2009

Analysis

EBRD Forecast Table; Revises down 2009 economic forecasts, sees fragile recovery in 2010; Central Europe and the Baltic states; South-eastern Europe; Eastern Europe and the Caucasus; Turkey; Russia; Central Asia

European Bank of Reconstruction and Development  Oct 15, 2009

News

Kazakhmys to sell stake in Kazakh power plant

Boston Globe  Sep 14, 2009

Analysis

Sarkozy Develops “Strategic Partnership” with Kazakhstan

Jamestown Foundation  Roger McDermott Oct 13, 2009

News

Eximbank in discussions to loan ENRC $876m

China Daily  Oct 12, 2009

Analysis

Regional Economic Outlook: Middle East and Central Asia October 2009

IMF  Oct 11, 2009

Analysis

SOCAR, Kazmunaigaz Sign New Caspian Oil Transit Accords

IHS Global Insight  Oct 5, 2009

Research

Caucasus, Central Asia Feel Crisis Impact, But Set for Modest Upturn

IMF  Oct 3, 2009

Analysis

IMF Expects Modest Recovery in the Caucasus and Central Asia

IMF  Oct 3, 2009

Analysis

CIS growth: Not a Panglossian view

Nomura Economic Research  Ivan Tchakarov Sep 30, 2009

Analysis

Emerging Markets Macro and Strategy Outlook -- Global Imbalances: A Progress Report

Citigroup Global Markets  David Lubin et al Sep 24, 2009

News

BTA Tells Clients to Switch Deposits or Risk Interest Rate Cut

Bloomberg  Nariman Gizitdinov Sep 16, 2009

News

Russia-Kazakhstan Sign Agreement in Energy, Customs Control and Military-Technical Spheres

Kazakhstan Today  Sep 11, 2009

Analysis

The Global Competitiveness Report 2009–2010

World Economic Forum  Sep 16, 2010

RGE GLOBAL ECONOMIC OUTLOOK

Table of Contents

Economic Outlooks:
Global | U.S. | Japan | China | Eurozone
Germany | France | UK | India | Brazil

Global Issues
Growth and CPI | Commodities | Trade | Imbalances

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Featured Analysis

Sovereign Debt: The Developed World’s Next Big Problem?

Arpitha Bykere, Elisa Parisi-Capone and Katharina Jungen Jan 13, 2010

“If countries maintain loose fiscal and monetary policies to support growth, rather than focusing on fiscal consolidation, investors will become increasingly concerned about fiscal sustainability.”

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