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Kazakhstan has failed to build a diversified economy, President Kassym-Jomart Tokayev said at a meeting with business representatives. According to him, “behind the external well-being, we did not notice how the external good turned into a raw material curse,” Kazinform reports .
“Looking back, we can conditionally distinguish two economic turning points. The first is the transition from a planned to a market economy. Through serious shocks and losses, Kazakhstan was able to rise, adapt, carrying out painful but necessary reforms,” Tokayev said.
These transformations were financed by the privatisation of state property left over from the Soviet past, he recalled, and “a new class of domestic entrepreneurship was born on this foundation.”