| Abstrakt: |
In this paper an attempt has been made to make use of a relevant methodology for growth accounting exercise in natural resource abundant economy, Kazakhstan, from 1991-2014. Growth accounting involves breaking down GDP growth into the contribution of labor inputs, capital inputs and multi-factor productivity (MFP) growth. This time period is divided into three phases 1991-1999, 2000-2007 and 2008-2014, in order to understand the progress of transition policies. Kazakhstan's economy has gone through stages of negative, high economic growth and declining growth after independence from the Soviet Union in 1990. The period from 1990 to 1997 was the period of negative economic growth. It was only from 2000 that Kazakhstan entered the phase of strong and sustained growth. During second phase 2000-2007, the Kazakhstan economy experienced an average growth rate of about 10 per cent. However, from 2008 the growth rate of Kazakhstan is showing declining trend. The paper highlights the fact that it is the technological progress (TFP) which has been the main source of economic growth in either dampening the severity of contraction during the 1990s or fueling the growth thereafter. [ABSTRACT FROM AUTHOR] |
