Central Asia and the financial crisis: After the boom

Wondering if the good times are over FOR almost a decade, oil-rich Kazakhstan has been the economic engine of Central Asia. Since 2000 its GDP has grown by an annual average of around 10%. But now the global financial crisis is taking its toll and the Kazakhstani motor is spluttering. In 2008 the economy is expected to grow by just 5%, which sounds healthy but is still a wrenching slowdown. Kazakhstani officials were long in denial about the crisis. But in mid-October President Nursultan Nazarbayev announced a series of measures to deal with it. Since then, the government, criticised for inaction, has gone into overdrive. Mr Nazarbayev has given Karim Massimov, the prime minister, a free hand to take any steps necessary to stabilise the economy. Mr Massimov has taken on the job with relish, declaring almost daily that everything is under control. ... (link)