Ways to Overcome Economic Crisis in Kazakhstan: Different Approaches to Fiscal and Monetary Policy in Kazakhstan

Abstract

The economic development of the country has the primary task for any country. A very important aspect for the task is to build a constructive and visionary plan. But the most important thing in this case is not just build this plan, but also to implement it without side effects. This work is devoted to the economic development of Kazakhstan in comparison with other already developed and close countries, as well as analysis of the behavior of the economy before and after the implementation of reforms in different sectors. And how do they impact on living standards in Kazakhstan. Kazakhstan is inextricably linked to the global economy. Borrowings from the global financial system have become an additional source for economic growth. But he could not and cannot avoid the influence of external factors such as a change in the foreign exchange rate, oil prices and other commodity prices, the lack of liquidity in the foreign market, as well as the global financial crisis. Problems of social and economic development of Kazakhstan are in priority list of the Strategy "Kazakhstan-2050". One of the significant challenges in financial, economic and industrial trends in the development of the economy is import substitution and economic diversification. But the proposals of the State program of anti-crisis measures were powerless and, in fact, turned out to be similar to each other, whereas the essence of the crisis has changed. And in this context, the study of the root problems like impotence of these programs have shown the direct participation of some corrupt high-ranking officials and public figures that have hampered the implementation of a politically and socio-economically important projects in Kazakhstan. For this reason, in this paper it has been proposed the creation of Mutual Investment Funds with foreign participation, prior to that the preparatory steps for the creation of the above fund. The purpose of the MIF is the allocation of risk among a large number of different companies. To create a MIF, Kazakhstan has all the necessary conditions, in other words, has the investment bankability by owning untold wealth.