Diversification Strategy To Support L-T Growth

While we still believe that economic growth in Kazakhstan will fall short of the government's 7.0% target in 2010, the state's drive to diversify the oil-dependent economy bodes well for longer term growth. Foreign investment into relatively nascent sectors of the economy will also help shield Kazakhstan's economy from future fluctuations in energy prices. That said, while the country's business environment remains one of the better placed within the CIS, progress will still need to be made towards opening up the non-resource sectors and combating corruption.

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