Ongoing crisis in Ukraine negatively affects Kazakhstan's economy: Dossayev

The ongoing crisis in Ukraine and the slowdown of the Russian economy pose risks to the Kazakh economy, Tengrinews reports citing the Minister of Economy and Budget Planning Yerbolat Dossayev.

"Taking into account the domestic and foreign trends of the first five months of this year, we believe that the main risks to Kazakhstan's economy are posed by the poor growth rate of industrial production in Kazakhstan, slowdown of the investment activities as compared to last year, acceleration of the inflation, high levels of non-performing loans amounting to 33.7 percent (of the banks' portfolios) that hinders lending to the real sector of the economy, the crisis in Ukraine and a significant slowdown of the Russian economy," Dossayev said at the press-briefing on June 17.

According to Dossayev, the failure to achieve the goods output target resulted from suspension of oil production at the Kashagan field, poor competitiveness of Kazakhstan-made chemical products at the foreign markets, suspension of Zhezkazgan Smelter for reconstruction and unfavorable market prices of some of the metals that Kazakhstan exports.

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Ukraine Russia news Kazakhstan Kazakh Kashagan economy crisis