Kazakhstan is ready for new wave of crisis: Massimov 19 января 2012, 15:45
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Karim Massimov. Photo by Danial Okassov©
Kazakhstan is ready for a new wave of the crisis, Karim Massimov wrote in his Facebook, Tengrinews.kz reports.
“The situation in the global economy keeps deteriorating irretrievably. Prominent analysts are all reviewing their forecasts, downgrading them. In September the International Monetary Fund (IMF) forecasted 4 percent growth of the world economy in 2011-2012, but this January IMF promised to downgrade this number once again. Situation in Eurozone is also not very promising and confirms the downslide of economic growth and probability of the recession for some countries of the union,” Massimov writes.
Earlier Prime-Minister told several times that approach of the second wave of the global crisis was becoming more and more evident. Kazakhstan Government had a so-called ‘Plan B’ prepared under the President’s instructions, as well as an experience of overcoming global recessions.
“Based on the President’s plan, the Government developed and implemented ‘5 Big Deeds’ anti-crisis program, that was acknowledged one of the most effective anti-crisis program in the world,” Massimov recalls 2008-2009. “The very well thought through program is based on five priority directions: stabilization of the financial sector, solving problems in the real estate market, support of small and medium business, development of agriculture and implementation of innovative, industrial and infrastructural projects. $10 billion were allocated by the country’s National Fund for this program.”
During implementation of the anti-crisis program external debts of the second-tier banks decreased by $11 billion. In 2010 the amount of Kazakhstan residents’ deposits in the banks increased by 13.7 percent and made 6.8 trillion tenge ($46 billion); mortgage loans were refinanced for 32 thousand debtors. Problems of 53 thousand equity holders were solved in construction sector. 3 thousand small and medium businesses received or refinanced loans in the total amount of 184.56 billion tenge ($1.2 billion) at a lower interest rate. Processing companies received loans worth 34.7 billion tenge ($234 million).
Countering unemployment was a priority of the government’s anti-crisis program and Kazakhstan residents did not feel the effect of the global crisis. Memorandums were signed with major mining and processing companies to avoid mass job cutting. Employment Roadmap program was developed as per the President’s instruction. 191.5 billion tenge ($1.3 billion) were allocated for its implementation. 5,221 projects were implemented under the state program and almost 248 thousand people were employed.
“Thanks to all these measures Kazakhstan managed to maintain a positive GDP growth. Economy growth made 3.1 percent in 2008 and 1.2 percent in 2009. Moreover, Kazakhstan was back to pre-crisis economic growth path: GDP grew 7 percent in 2010 and 7.5 percent in 2011. This is how economic stability and sustainable economic growth were ensured in Kazakhstan,” Prime-Minister writes in his Facebook.