The Economy of Kazakhstan

Kazakhstan, having chosen the unique model of development, has managed to construct a strong state with effective economy. Moreover, the young republic became the leader in the region according to the economic growth level, political transformation and the standard of living.

The Republic of Kazakhstan has been keeping a high level of economic growth for several years, going on this parameter in step with such countries, as China, India, the countries of ASEAN. The basis of our economic growth is liberation of the private initiative and business, active foreign trade, attraction of investments. Our country’s economic success of the last years is to some degree caused by an effective utilization of our raw-material base. Today our energy carriers are delivered on the foreign markets. It promotes a stable deepening of cooperation with our foreign partners.

Kazakhstan is important to world energy markets because it has significant oil and natural gas reserves. Within the next decade Kazakhstan is going to become one of the world’s largest oil producers and exporters. But Kazakhstan’s strategic aspiration is to become a modern, diversified high-tech economy with a high value added component, well integrated into the global economy. Energy sector is viewed as a good basis to achieve this goal.

The perspective of our country’s economy is closely connected with further integration into international economic relations, utilization of unique reserves of energy and mineral resources, vast possibilities to export industrial and agricultural products, optimum employment of country’s transit potential and also with availability of highly qualified specialists in different spheres.

During the Soviet period Kazakhstan was an agrarian, raw materials supplier of the former Soviet economy, where the military industry played the major role. The main economic content of the first years of independence has become a transition period from the central command planning to a market economy.

The first few years of our country’s independence were characterized by an economic decline (mostly due to the destabilizing force of disintegration of the USSR). The wide-ranging inflation observed in the early 1990s peaked an annual rate of up to 3000% in mid-nineties.

Since 1992 Kazakhstan has actively pursued a program of economic reforms designed to establish a free market economy through deregulation and privatization of state enterprises. Today it is generally considered to be more advanced in this respect than most other countries of the CIS and it remains one of the most successful reformers with the strongest banking system in Central Asia and CIS.

The main goals of our current structural policy are diversification and strengthening of non-oil sector. A number of development agencies, techno-scientific parks and research centres (development institutions) have been established to support the diversification of higher-value added industries.

The EU and USA have recognized our country (first in CIS) as a country with market economy giving it an investment grade status. The Organization for Economic Cooperation and Development (OECD) has been gradually upgrading Kazakhstan’s export risks rating since then.

Our country possesses sizeable amounts of oil and gas, coal, uranium and other raw materials but in spite of these abundant resources the Government and the country’s energy sector keep an attentive eye on global energy trends. Optimal energy mix, efficient energy use, significant environment component of energy policy, research and development of renewables are all on the country’s energy policy agenda. Energy transportation and infrastructure are key elements of a viable energy policy. Many countries show their strong interest to cooperate with Kazakhstan in this area, particularly on trans-continental gas and oil transportation issues.

Commercial viability, technical and environmental safety and financial soundness are the guiding principles for Kazakhstan’s strategy in this crucial area. The main economic priority for our country is to avoid overdependence on its oil and gas and mineral sector, but to use these natural assets to build a modern, diversified, highly-technological, flexible and competitive economy with a high value-added component.

2. Translate into Russian:

utilization of unique reserves; optimal energy mix; energy and mineral resources; abundant resources; agrarian and raw materials supplier; efficient energy use; significant reserves; current structural policy; central command planning; the standard of living; political transformation; economic growth level; vast possibilities to export goods; a high value added component;

3. Find and translate sentences with the following phrases:

to be well integrated into the global economy

further integration into international economic relations

optimum employment of country’s transit potential

availability of highly qualified specialists

to be designed to establish a free market economy

diversification and strengthening of non-oil sector

keep an attentive eye on global energy trends

to use natural assets

diversified, flexible and competitive economy

environmental safety and financial soundness

4. Answer the questions:

1. What is the strategic aspiration of Kazakhstan? 2. What are the guiding principles for a country’s strategy? 3. Why was it necessary to develop a sustainable program of economic reforms? 4. What for did the Government establish development agencies, institutions and techno-scientific parks? 5. Why do you think it is important to support the diversification of higher-value added industries? 6. What issues are on the country’s energy policy agenda? 7. What are the key elements of a viable energy policy? 8. How can a country provide its technical safety? 9. Why is financial soundness really necessary? 10. What is essential for building a diversified, highly-technological and competitive economy?

5. Check your partner’s knowledge of the following:

6. Use the following phrases to make up your own sentences based on the text:

high value-added component; economic decline; efficient energy use; destabilizing force; in this respect; the wide-ranging inflation; financial soundness; the main goals; abundant resources; viable energy policy; environmental safety; commercial viability; crucial area; to avoid overdependence; to use natural assets; diversified economy; to peak an annual rate.

7. Study the meanings of the following words:

1. sustainable - 1) жизнеспособный, устойчивый; 2) (эколо-гически) устойчивый (не наносящий ущерба окружающей среде);

2. value (n) - 1) а) ценность, важность; б) (values) достоинства, ценности; в) полезность; Syn: merit; worth, utility, importance; 2) (рыночная) цена; стоимость; 3) значе-ние, смысл (о слове); 4) величина, значение; 5) а) сочета-ние света и тени в картине б) яркость, насыщенность (о цвете); Syn: luminosity; 6) название единицы в какой-л. системе мер; Syn: denomination;

value (v) - а) устанавливать цену в денежном эквиваленте, оценивать, производить оценку; Syn: appraise; б) оценить, высказать мнение, дать характеристику; Syn: evaluate;

2) дорожить, ценить, быть высокого мнения, отдавать должное; Syn: prize, esteem;

3. viable – жизнеспособный; Syn: fecund, fertile, fruitful, proliferous, prolific; Ant: abortive, jejune, sterile, stillborn, untenable;

4. asset - 1) ценное, полезное качество; 2) (assets) имущество, фонды, активы; 3) (assets) имущество несостоятельного должника, имущество обанкротившейся фирмы; 4) (assets) актив(ы); авуары;

5. decline - 1) спускаться вниз (о поверхности); 2) а) накло-нять, склонять, клонить; б) наклоняться, склоняться, клониться; 3) заходить (о небесном теле); 4) а) идти к концу, приходить в упадок, ухудшаться; Syn: decay, wane, diminish, deteriorate; б) уменьшаться, идти на убыль, спадать (о температуре); Syn: decrease; 5) падать морально; 6) давать вежливый отказ;

decline (n) - 1) падение, спад, упадок, конец, закат; 2) ухуд-шение, угасание (здоровья, жизненного уровня); 3) изнури-тельная болезнь; 4) склон, уклон; Syn: decay, diminution, deterioration;

6. abundant - обильный, изобилующий, богатый;

Syn: plentiful, prevalent;

7. efficient - 1) а) действенный, результативный, эффективный; Syn: efficacious, effectual; б) рациональный, целесообразный; Syn: expedient, advisable; 2) умелый, знающий своё дело, квалифицированный; Syn: competent;

8. crucial - 1) ключевой; критический, решающий; 2) пот-рясающий, классный; 3) крестообразный; Syn: critical, pressing, urgent; cross-shaped;

8. Match a word with its definition:

9. Match English and Russian equivalents:

10. Translate into Russian:

A. 1. He values himself on his genealogy. 2. Every one is in danger of valuing himself for what he does. 3. Your support is of great value. 4. Prints seldom rise in value. 5. Equipment is included up to a total value of £500. 6. The wine represents a good value for $17.95. 7. They internalize their parents' rules and values. 8. She had come to value her privacy. 9. He had nothing of value to say. 10. They paid him the value of his lost property. 11. The proposed investment was economically viable. 12. Cash alone will not make Eastern Europe's banks viable. 13. The goal has been to establish and sustain a nation of viable family farms. 14. The high character which the corps has won is in itself a valuable asset. 15. Quick reflexes were his chief assets. 16. Her leadership qualities were the greatest asset of the Conservative Party.

B. 1.His health was declining. 2. Profits declined by 10%. 3. I am sorry I must decline your invitation. 4. She declined to address the delegates. 5. U.S. Embassy officials declined to say when she would be flown back to the United States. 6. There wasn't such a big decline in enrollments after all. 7. The first signs of economic decline became visible. 8. Thankfully the smoking of cigarettes is on the decline. 9. The frightful precipitation of a railway train down a decline was like a nightmare. 10. He is still one of the world's most popular golfers, but his game is in decline. 11. Libraries are an investment for the future and they should not be allowed to fall into decline. 12. While abundant in quantity, the quality of term papers found on the Internet is often lacking. 13. There is an abundant supply of cheap labour. 14. The river banks were abundant in beautiful wild plants. 15. There was abundant evidence to support the theory.

11. Translate the word partnerships into Russian:

12. Give English equivalents:

назначить цену на что-л.; высоко (низко) ценить что-л.; приобретать значение / смысл; придавать значение чему-л.; нестоящий, не имеющий ценности; прибавочная стоимость; моральные критерии; культивировать / пропагандировать ценности; по определенной цене.

13. Give all possible derivatives:

14. Fill in the gaps with one of the given words:

1. Foetuses, seeds, or eggs are described as ___ if they are capable of developing into living beings without outside help. 2. If you ___ to do something, you politely refuse to accept it or do it. 3. Something or someone that is an ___ is considered useful or helps a person or organization to be successful. 4. If something is in ___ or on the___, it is gradually decreasing in importance, quality, or power. 5. The ___ of a company or a person are all the things that they own. 6. If something ___, it becomes less in quantity, importance, or strength. 7. Something that is ___ is present in large quantities. 8. If something or someone is ___, they are able to do tasks successfully, without wasting time or energy. 9. With today's more ___ contraception women can plan their families and careers. 10. If you describe something as ___, you mean it is extremely important.

15. Give English equivalents:

16. Fill in the gaps with prepositions:

to place / set a value ___ smth; ___ no value; to put much (little) value ___ smth; to attach value ___ smth; good value ___ money; to acquire / take ___ value; ___ a certain value.

17. Match equivalents from both columns:

18. Translate the following excerpts:

1. Recently Kazakhstan has additionally announced a major drive for the Strategy to enter the 30 most competitive nations in the world in ten years’ time. A State Program aimed at diversification of the economy has been launched. The goal of the Program is to modernize the economy and support Kazakh companies willing to enter international markets through offering competitive products.

2. In order to boost its financial markets and to improve the country’s competitive edge the Government has established several state holding companies, funds and regional financial centres. It was made for greater transparency and accountability as well as for more sustainable development through enforcing the principles of efficient corporate governance and management.

3. Diversification of the economy, introduction of international technical, financial, business standards, accession to the WTO, promotion of corporate governance, greater transparency and accountability, education and a concerted administrative reform have been identified as the key drivers to implement the above strategies.

4. Aiming to cut bureaucracy the Government is widely introducing the “e-government” in all major sectors. This measure coupled with other result-oriented administrative reform steps is viewed, among other things, as an important tool in the fight against red-tape and corruption.

5. Kazakhstan has officially announced its aspiration to become a trilingual nation to help meeting its ambitious goals. These will be Kazakh as the state language, Russian as the language of interethnic communication, and English as the language of successful integration into the global economy and community.

19. Match a line in A with a line in B:

20. Make up sentences of your own using the following:

current assets, to be in decline, assets and liabilities, enduring values, spiritual values, intrinsic values, moral values, abundant resources, environmental safety.

21. Match a line in A with a line in B:

22. Read the text: