EBRD: Kazakh economy rapidly recovered after crisis due to high oil prices
Kazakhstan, Astana, March 13 / Trend, D. Mukhtarov /
Kazakhstan's fast recovery from the crisis had been driven by oil, services and agriculture, Nienke Oomes, Head for Central Asia at the EBRD's Office of the Chief Economist believes.
"Kazakhstan was able to recover rapidly from the global financial crisis due to high oil prices," Nienke Oomes said making a report on the peculiarities of countries with transition economies, including Kazakhstan, in Astana on Tuesday.
She noted the rapid recovery of economic output, the remarkable recent drop in inflation, and the pickup in credit growth in Kazakhstan.
"The Kazakh economy continues to be too much driven by oil, while heavy state intervention is slowing down the development of private non-oil businesses," Nienke Oomes said.