Macroeconomic Effects of Kazakhstan’s Anticrisis Policy: Economic Growth and Paternalism

Abstract

This article contains an analysis of the ambivalent effects of the countercyclical anticrisis policy implemented in Kazakhstan in 2014–2017 when the recovery of economic growth was attended by the growing role of economic paternalism. The state provided support to all macroeconomic agents: it supported households to sustain the consumer demand, the business sector to support the accumulation of fixed capital stock, and budgets to increase public expenditures. In the authors’ opinion, in 2018 sufficiently favorable conditions will form for reducing the role of economic paternalism. The priority must be to recover the generation of population income from hired labor and entrepreneurship, growth of investment and innovative activities on the part of the business sector, and creation of equal opportunities and access to financial resources.