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Kazakhstan prepared to resist possible second wave of world economic crisis: PM

Business Materials 20 September 2011 13:17
Kazakhstan 's Prime Minister Karim Masimov allows the possibility of the second wave of global economic crisis.
Kazakhstan prepared to resist possible second wave of world economic crisis: PM

Kazakhstan, Astana, Sept. 20 / Trend corr. A.Maratov/

Kazakhstan's Prime Minister Karim Masimov allows the possibility of the second wave of global economic crisis.

"The Kazakh government has developed a distinct action plan in case of negative scenario in world economy, as the features of repeated world economic recession is getting more and more evident, he said at a Tuesday meeting of ruling Nur-Otan party.

Masimov cited the recent statement of IMF Head Christine Lagarde, saying economically developed countries are trapped by inert and irregular raising, unacceptable high unemployment.

"The debt crisis of Euro-zone is aggravated, while financial tension is growing, he quoted Lagarde. "There is a high probability for the global economy to enter into recession."

Masimov appraised the measures taken by the government and said Kazakhstan is prepared to resist new challenges.

With regard to economic development of Kazakhstan, PM noted that GDP in the country exceeded $148 billion, which is twice more than total GDP of other four Central Asian states.

"Kazakhstan holds a stable position in a group of countries with midrange of income together with Brazil, Malaysia and Turkey," he said.

In addition, the World Bank declared Kazakhstan the leader in business-climate development in 2010, Masimov said.

The poverty ratio in Kazakhstan has reduced twice to 6.5% in 2010. The average salary in budgetary sector has doubled since July 2011 to 67,000 tenge (about $450).

Edited by E.Ostapenko

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