Attacks Shake Stability

Whilst it remains the case that Kazakhstan enjoys a high degree of social and political stability compared to other frontier markets, a spate of terrorist attacks in recent months call into question the longevity of such calm. The government is in a difficult position, as measures aimed at quelling the threat of militant Islam may merely serve to foster resentment. As such we have slightly downgraded both our short-term and long-term political risk ratings for the country.

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