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Kazakhstan, Republic of Kazakhstan » Economy

After the dissolution of Soviet Union, Kazakhstan became an independent country on December 16, 1991. The early years of this newly formed country were marked by significant reforms to the Soviet-styled economy. Later, Kazakhstan made a noteworthy progress toward developing a strong market economy.

Since 2000, the country is experiencing significant growth in all sectors by making use of their large reserves of oil, gas, and minerals. Due to good economical condition, Kazakhstan repaid all of its debt to the International Monetary Fund (IMF) in 2000, 7 years ahead of schedule and became the first former Soviet republic to do so. In September 2002 Kazakhstan received an investment-grade credit rating from a major international credit rating agency and became the first country in the CIS to achieve that goal.

Kazakhstan has the biggest wealth and financial system in Central Asia. It has got extensive area of fossil fuel reserves along with minerals and metals. The industrial part of Kazakhstan lays itself on the extraction and processing of the natural resources. The construction division also plays an important role in the country’s economy. Producer of crude oil and natural gas condensate, Kazakhstan has got the world’s 11th biggest reserve for oil and natural gas. With the help of expansion of oil production and the development of new oil fields, Kazakhstan is trying hard to achieve the rank into the world's top 10 oil-producing nations. Due to some ambitious plan, the banking system of Kazakhstan is also developing rapidly. The National Bank of Kazakhstan is helping to strengthen the banking sector of country.

The country’s massive steppe land accepts both grain production and livestock. Rice, wheat, barley and cotton are the main crops and dairy products, meat, leather and wool form the chief livestock products of the country. The southern mountains grow a lot of apples and walnuts.

Kazakhstan has got the second largest uranium, chromium, lead and zinc reserve, the third largest manganese reserve and the fifth largest copper reserve in the world. Kazakhstan is one of the leading exporters of uranium in the world while the other major exports of the country include wheat, textile, and livestock. The country also places itself in the top ten rankings for gold, iron and coal. It possesses the biggest market of silver, zinc and nickel in West Asia.