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Bulletin of Abai KazNPU. Series of Economic

EXTERNAL SHOCKS AND SUSTAINABILITY OF THE NATIONAL ECONOMY OF THE REPUBLIC OF KAZAKHSTAN

26

21

КазНПУ имени Абая
КазНПУ имени Абая
Abstract

The article examines the impact of external shocks on the sustainability of the national economy of the Republic of Kazakhstan in the context of global economic instability and growing uncertainty on the world markets. The main types of external shocks are identified and the channels of their impact on the country's macroeconomic indicators are analyzed. The main focus is on the analysis of price, financial, and trade-economic external shocks, as well as on identifying the channels of their impact on key macroeconomic indicators. Based on statistical data, an empirical analysis of the relationship between external factors and key macroeconomic indicators is conducted. The results indicate a high sensitivity of the economy of Kazakhstan to changes in the external environment, primarily to fluctuations in world commodity prices. At the same time, it is shown that the availability of financial reserves and the application of countercyclical macroeconomic policy help to reduce the negative consequences of external shocks. The article formulates conclusions and practical recommendations aimed at increasing the sustainability of the national economy, strengthening the institutional framework, and reducing dependence on raw materials in the long term. The state industrial policy emphasizes the creation of an export-oriented economy with high added value. The export focus is driven by the need to expand markets for growing volume of goods and services, and by integration into global value chains. Export-oriented industrialization will enable the introduction of new products of Kazakhstan, including high-tech products, to foreign markets.

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