5 July, 2022 seen 121The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe. The…
Recently I have compared economies of Armenia, Georgia, Turkmenistan, Ukraine, as well made some sarcastic post concerning Estonian economy. Whats common to all these countries? They all once where part of Soviet Union, for me it's interesting to see how each of the former Soviet block countries performs in our days, and what looks future for them.
So this time, lets look at Kazakhstan.
Kazakhstan is one of the countries, which didn't wanted collapse of Soviet Union, by the way. Kazakhstan is member of CIS, Customs Union and founding member of Eurasian Union.
Kazakhstan GDP nominal 1990-2012
Kazakhstan GDP has risen from 26.932 bln USD in 1990 to 200.484 bln USD in 2012. In 22 year period Kazakhstan has grown about 7.4 times above fold. Pretty impressive, right? Just take a comparison with other former Soviet republic Ukraine.
Now lets take a look, how GDP per capita has changed in these years:
And again - GDP per capita in Kazakhstan has rose from 1.647 thousands USD in 1990 to 12.006 thousands USD in 2012, or it's 7.28 times bigger in 2012, than in 1990.
Lets take a look of forecast for period 2014 - 2018, by IMF:
According to this prognosis, GDP nominal in Kazakhstan will rise from 252.124 bln USD in 2014 to 397.063 bln USD in 2018.
Now let's see, how will rise GDP per capita in the same time period (2014-2018)
According to prognosis, Kazakhstan GDP per capita will rise from 15.007 thousand USD in 2014 to 23.63 thousands USD in 2018.
Kazakhstan right know, is one of best performing former Soviet economies by GDP per capita indicators, staying just behind Baltic States and Russia, but will Kazakhstan be the best country by GDP per capita in former Soviet block by 2018?