Kazakhstan avoids serious financial downturn
Kazakhstan, Astana, June 23 / Trend A. Maratov /
Kazakhstan managed to avoid the financial downturn given the instability in world financial markets in 2007-2009, Economic Development Minister Kairat Kelimbetov said in Astana.
"The economic growth was 3.3 percent and 1.2 percent in 2008 and 2009, while 7 percent in 2010," Kelimbetov said at an international conference in Astana.
He said the anti-crisis program implemented in five main areas, such as stabilizing the financial sector, resolving the problems with the real estate market, support for small and medium business, the development of agriculture, implementation of innovation, industrial
and infrastructure projects, contributed to Kazakhstan's success.
"According to the preliminary data for the first quarter of 2011, Kazakhstan's GDP increased by 6.6 percent," Minister said.
He stressed that an important factor in the Kazakh economic growth was the increase in consumer demand.