Kazakhstan is experiencing slowereconomic growth in 2014 due to negative supply- anddemand-side effects. The Kazakh authorities are usingexpansionary fiscal and monetary policies to stimulatedomestic demand. An uncertain global economic environmentand regional geopolitical tensions pose risks to theeconomic outlook of Kazakhstan. If the economic slowdownstarts to have a negative effect on the labor market, thegovernment has instruments to mitigate its impact on themost vulnerable population. The government has identified aset of reforms that are expected to help diversify theeconomy and expand the non-oil sector. They have launched amajor program of support for the development of small- andmedium-sized enterprises, including by addressing theconstraints related to access to credit. They are alsoworking to improve the national regulatory and governanceframework that will enhance the transparency and efficiencyof economic transactions, facilitate private sectorparticipation, and improve service delivery to thepopulation. Ongoing reforms in customs administration andthe courts are part of its reform agenda.
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