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Second wave of the global crisis to hit the world in 2012-2013: PM Karim Massimov

23 january 2012, 10:10
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Karim Massimov. Photo courtesy of flickr.com/photos/karimmassimov/
Karim Massimov. Photo courtesy of flickr.com/photos/karimmassimov/
Kazakhstan’s PM Karim Massimov believes the second wave of the global crisis is inevitable, he told that in his interview for Russia’s Kommersnat.ru newspaper.

“[The second wave] will take place in 2012-2013. No politician is able to take any measures to prevent that”, he said.

“For Kazakhstan one of the key issues is prices for its export commodities that account for most of the budget revenues. The current global recession is set to reflect on the prices”, the Prime Minister believes.

“One of our priorities is to tackle unemployment and create new jobs. We see from our own experience and from those of other countries that lack of attention to the [unemployment] problem (…) leads to public unrest. Therefore, preventive measures are the best option”, according to Mr. Massimov.

When unveiling the State-run Program to boost Employment before 2020 July 11, Labour Minister Ms. Gulshara Abdykalikova said that the Program would cover a total of 1.5 million people by 2015. The poverty level is to be brought down to 6%, with unemployment standing at 5.5%. In 2011 $274 million was earmarked out of the central budget to finance the program.

According to Mr. Massimov, the plan B [developed in case of the negative scenario unfolded], “has gradually turned into the plan A”. “There are some issues that call for further measures. Notably, further stabilization of the national financial system. Last week a law was adopted enabling the Government and the National Bank to facilitate financial recovery of troubled enterprises”.

“With the new wave of the global crisis, markets are set to shrink (…) China plans to expand the internal consumption through a number of projects (…) We will try to take advantage of them (…) Besides, there is the Common Economic Space of Kazakhstan, Russia and Belarus (…) There will be joint anti-crisis measures and joint plans of how to protect the common market and tap into new markets (…) We have launched the CES Committee, a supra-national body vested with wide rights (…) and there have been many mechanisms put in place to make sure no CES member states play against the interests of the other member states”.

Earlier Tengrinews.kz reported that Kazakhstan’s foreign trade with the Customs Union – Russia and Belarus – in January – November 2011 had grown almost 40% against the like period of 2010, according to Alikhan Samilov, Head of the State Agency for Statistics.

Foreign trade between Kazakhstan and the Customs Union for the period under review made up $21 431 000 000, with exports making growing by 46.2% to $6 726 000 000. Imports for the period grew by 36.9% to $14 704 000 000.

January 20 Kazakhstan’s new Parliament passed a vote of confidence in the existing government headed by PM Karim Massimov.

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