Kazakhstan aspires to become one of theworld s 30 most developed economies by 2050. The focus is onlaying the basis for the accelerated diversification of theeconomy through industrialization and infrastructuredevelopment, including enhancing human capital to driveinnovation and economic efficiency. This country economicmemorandum report adopts an analytical framework that looksinto options that will be explored to help authorities thinkabout diversification across three sectors: diversificationof products and services; diversification of economicpartners; and diversification of endowments. Five chaptersstructure this report, outlining the weaknesses andstrengths of the Kazakh economy that will need to beaddressed for increased prosperity. Chapter 1 discussesKazakhstan s natural resources and how important it is tofocus on the policies that matter for development anddiversification. Chapter 2 focuses on export concentrationand assesses whether resource dependence leads tomacroeconomic volatility, whether Kazakhstan has been ableto avoid volatility, and what macro-policy solutions areavailable to Kazakhstan. Chapter 3 looks at the structure ofemployment in the country and assesses whether Kazakhworkers have the skills demanded by the market. Chapter 4analyzes the regulatory environment and how well marketinstitutions have developed to strengthen the quality ofinstitutions. Chapter 5 uses the product space analysis toassess where Kazakhstan s comparative advantages are. Itthen discusses whether the country has faced excessive tradebarriers, whether there is a role for industrial policy, andwhat will be done in the short term to help diversification.
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