Kazakhstan, Astana, July 9 /trend D.Mukhtarov/
Property prices may increase in Kazakhstan, Institute of Economic Research official Bauyrzhan Turlybekov said.
"I do not exclude that in the case of long-term decline in world oil prices, funds will flow into the construction sector. And thus, it is likely that prices will rise" Turlybekov told reporters on Monday.
He believes that Kazakhstan will be able to withstand the crisis with a decrease in oil prices, if it is able to implement plans on the diversification of the economy.
"If oil prices fall to $50 per barrel, the question of budget revenues will depend on the accumulated reserves of power and the direction of the pre-crisis savings to diversify the economy," he said.
He noted that Kazakhstan will be able to withstand the crisis due to a low price of raw materials at the expense of its other export commodities such as wheat and repay the deficit.