MACROECONOMY RESULTS OF 2009

摘要

Last year the Kazakh economy grew by only 1% as tight bank Lending restrained private demand. Nevertheless, steady growth in the mining industry has mitigated difficulties in other sectors. Meanwhile, improving foreign demand for Kazakh metals supported a turnaround in manufacturing during the second half of 2009. That said, on the balance, near-term economic performance will be driven by external factors, most importantly by the strength of the economic rebound in developing countries. At the same time, domestic demand is unlikely to regain its precrisis momentum under the weight of the ongoing restructuring in the banking sector.