Kazakhstan Economy Hit by Virus, Drop in Oil Prices

Jun.29 — The economy of Kazakhstan, central Asia’s largest energy producer, took a double hit from the coronavirus-related lockdown and the collapse in oil prices. Naubet Bisenov reports on “Bloomberg Markets: Asia.”


In This Story: Kazakhstan

Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country mainly located in Central Asia with a smaller portion west of the Ural River in Eastern Europe.

Kazakhstan is the world’s largest landlocked country. It has a population of 18.3 million residents, and has one of the lowest population densities in the world. Since 1997, the capital is Nur-Sultan, formerly known as Astana. It was moved from Almaty, the country’s largest city.

Kazakhstan was the last of the Soviet republics to declare independence during the dissolution of the Soviet Union in 1991.

Kazakhstan is the most dominant nation of Central Asia economically, generating 60% of the region’s GDP, primarily through its oil and gas industry. It also has vast mineral resources. Kazakhstan is a member of the United Nations (UN), WTO, CIS, the Shanghai Cooperation Organization (SCO), the Eurasian Economic Union, CSTO, OSCE, OIC, CCTS, and TURKSOY.

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In This Story: Lockdown

During the 2020 Covid-19 epidemic, lockdown has come to mean the practice of attempting to control transmission of the virus by means of restricting people’s movement and activities on a broad scale, usually on a national or state-wide basis.

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