The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Kazakhstan: Nazarbayev's hard graph

Kazakhstan is going all out to achieve its goal of becoming a middle-income state by 2030, forming unique partnerships with development banks. It could be a turning point not just for the central Asia nation, but for the multilaterals too.

Kazakh workers build a skyscraper in the country's capital Astana

The trigger point for Nursultan Nazarbayev came via a graph, in January. Kazakhstan’s long-standing president had called a meeting of his ministers to discuss the country’s economic performance. It was doing well enough, growing by 6% year-on-year in 2013, against 5% in 2012. Private consumption was up, thanks to rising consumer lending, as was foreign direct investment and private-sector investment. The country was performing well in the World Bank’s annual Doing Business report, ticking up 24 places to 50th place in the five years to 2014.

Nazarbayev had long been desperate to turn central Asia’s largest economy – a natural bridge between Russia and China, and a buffer against rising extremism south of its borders – into a full middle-income nation by 2030.

By mid-century, presumably after passing control of the country to a handpicked successor, he wanted Kazakhstan to be transformed into a top-30 industrial nation by size – it currently ranks 46th according to the IMF, behind Iraq and Pakistan.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree