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Kazakhstan faces a 30-fold gap between rich and poor

14 may 2012, 19:06
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Tengrinews.kz stock photo
Kazakhstan is scourged by an almost 30-fold difference betweenincomes of the richest and the poorest classes, KazTAG reports citing Amanzhol Koshanov, head of the Center for Theory of Socially-Oriented Economy of the Institute of Economy of Kazakhstan Education and Science Ministry.

“Decile coefficient (correlation of incomes of rich and poor) exceeds the maximum admissible levels. Differentiation of the incomes reaches 29 times versus 4.8 times in developed countries,” Koshanov said at ESCAP (Economic and Social Commission for Asia and the Pacific) presentation called Review of economic and social situation of Asian and Pacific region-2012 on Thursday, May 10.

According to him, “layering of the society has reached its ceiling” and “the sizes and sources of wealth … turned out to be the results of supra-economic access to rental and monopoly incomes”.

“Sharp differentiation of the social structure of Kazakhstan people is visually demonstrated by the structure of bank deposits. 50 percent of all the deposits in Kazakhstan constitute only 0.1 percent of the overall deposit pool, according to the National Bank. Only 17 percent of people have savings for emergency needs,” the economist said.

“Average monthly incomes in Kazakhstan, according to the state Statistics Commission, vary from $103 to $517, with over one third of these people - 34 percent - making less than $310. High inflation rate, 8.3 percent in 2011, come upon the employees with low incomes, just like taxes. This is a real situation in the country,” Koshanov stated.

According to him, “low incomes of people amid high economic development pace is the destiny of the economies fueled by raw materials”.

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