BAKU, Azerbaijan, October 20. It's necessary to provide a list of factors to achieve sustainable economic growth in Kazakhstan, Chairman of National Bank of Kazakhstan (NBK) Galymzhan Pirmatov told Trend.
According to him, for sustainable economic growth in the long-term perspective it's necessary to ensure, firstly, macroeconomic stability.
"And this, in turn, is possible only if fiscal and monetary policies are balanced and coordinated. If fiscal and monetary policies work together, if there is macroeconomic discipline, if inflation remains low for a long time, it's possible to get a loan in Kazakh tenge [national currency] and make long-term investments. This will allow the economy to grow at a natural pace during a favorable period and save financial resources in case of crisis periods,” Pirmatov said.
Secondly, he noted that structural reforms are necessary for economic development. The role of state in the economy should be reduced. This will allow to create conditions for the growth of private entrepreneurship and will contribute to the diversification of the real sector and the development of highly efficient industries.
Thirdly, Pirmatov said, institutional reforms are needed to increase confidence in the judicial and law enforcement system.
According to him, the solution of these three issues will allow Kazakh business to develop and, accordingly, the country's economy will grow steadily in the long term.