Austrian media writes about Kazakhstan's success
Amaty. September 17. Kazakhstan Today - The results of the annual Global Competitiveness survey have drawn the attention of many Austrian experts, Kazakhstan Today reports.
According to Caspionet, Director of the Eurasia Research Centre under Viennese Career Advancement Institute Alexander Khvorostov considers the research data of the World Economic Forum in Davos as authoritative and objective. He backed up the data of many sociological surveys and identified the main reasons behind Kazakhstan's successful development which includes public confidence in politicians, meaningfulness and efficiency of government spending and protection of investors.
"It is surprising that Kazakhstan is one of the leaders in terms of economic development. And Kazakhstan's position with regard to other countries is also understandable. Basic market development indicators have been reached and they are sable. The rollback is not possible. The matter at hand now is to improve the current mechanism", Alexander Khvorostov, Director of Eurasia Research Center (Australia) said.
Austrian media has also been printing about Kazakhstan's economic success. A popular publication "Courier" notes dynamic cooperation of Kazakhstan with European countries and stable development of the country headed by President Nursultan Nazarbayev.
"We can't see this in any other post-Soviet country: there aren't any conflicts and growth is constant and stable. Without a doubt President Nazarbayev is a political figure of Eurasian magnitude. It wasn't a mere chance that when I was in Moscow in the 1990s he was a candidate for the post of the chairman of the USSR Council of Ministers. The political management's merit is in the fact that they have ensured 20 years of uninterrupted and stable growth without conflicts and permanent investment in infrastructure", Alexander Khvorostov said.
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Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
In the current circumstances, there is still limited room for easing monetary policy. This space will begin to form with the stable reduction of the stable part of inflation," it said.
Monthly inflation slowed down in March to 0.7% after a spike in the previous month (1.1%), forming above the average historical values (0.6%). A similar dynamic is observed for the indicators of core and seasonally adjusted inflation - a significant reduction in March after a sharp acceleration in February," said the bank.
The external inflation background is neutral. The cost of food in global markets in March shows a slight increase, mainly due to rising prices for vegetable oils. Grain prices continue to decline against the background of the realization of the harvested crop in exporting countries and the uninterrupted operation of maritime trade routes," said the bank.
In the European Union, the trend towards slowing inflation continues against the backdrop of the European Central Bank's restrictive policy. Despite expectations of weaker economic growth indicators this year, the ECB remains committed to returning inflation to its target value and intends to maintain restrictive monetary and credit conditions for this purpose," said National Bank Governor Timur Suleimenov in an April 12 statement.
The Federal Reserve notes that inflation in the United States still remains high. In March, the annual inflation rate increased to 3.5%, accelerating for the second consecutive month. According to the Fed's rhetoric, the current monetary and credit conditions will continue going forward. In Russia - a key trading partner of Kazakhstan, inflation in March remained at 7.7%. According to the statement from the Russian regulator, achieving the inflation target involves a prolonged period of maintaining tight monetary and credit conditions," said Suleimenov.
Pro-inflationary risks are conditioned by the continuation of reforms in the area of regulated prices, the consequences of abnormal floods in Kazakhstan, and the uncertainty associated with the volumes of budget expenditures needed for their elimination," the bank said.
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