The author writes that global financial-economic crisis heavily impacted those countries, which ensured its developed due to raw materials. He added that Kazakhstan’s economy became one of those.

Sharp decreases of oil prices and other raw materials resulted in that Kazakhstan could not adopt preventive measures against global financial-economic crisis. The expert wrote that Kazakhstan had to spend US$19 billion from budget and national fund to implement anti-crisis measures, which is equal to 14% of GDP. Despite huge investments, Kazakhstan could not recover from global financial-economic crisis. Economic growth rates and real income of population decreased sharply.

The author recalled words of head of Kazakh Agency on Regulation and Supervision of financial markets and financial organizations that bankruptcy of large banks and further collapse of real estate market seriously undermined trust of population to the banking system.

Ubaydullaev said that low quality of loan portfolio, stagnation in crediting and increasing share of idle assets in bank’s balance remain as main problems of Kazakh banking system, which shows deep consequences of crisis for Kazakh economy. He added that bad assets made up 21.1% and doubtful – 53.1%.

The expert noted that the government of Kazakhstan started review and borrow conceptual and other decisions, adopted in Uzbekistan, in context of regular economic models of Kazakhstan.

He noted that the programme on forcing industrial-innovation development of Kazakhstan was copied from the programme on modernization of technical and technological re-equipment of industrial sectors of Uzbekistan, which was adopted several years ago.

The author underlined that Kazakhstan also copied policy of Uzbekistan on support and stimulating small and private businesses. He recalled that Uzbekistan announced 2011 as the Year of small business and private entrepreneurship, which envisages to adopt the State programme and wide-scale events in key sectors of economy. He added that the share of small business and private entrepreneurship is increasing.

Ubaydullaev stated that share of business and private entrepreneurship in Kazakhstan’s GDP decreased from 40.5% to 31.7% in 2009. Meanwhile, the share of Uzbekistan made up almost 50%. To fix situation, Kazakhstan leadership put task to increase this figure to 40% of GDP by 2020.

The expert also said that Kazakhstan also learns from social reforms in Uzbekistan. He said that Kazakhstan started to reform healthcare system starting from 2004 and adopted the special programme for 2005-2010. He added that Uzbekistan adopted the state programme on reforming of healthcare in 1998.

He underlined that there was also attempts to reform education sector. Uzbekistan started to shift to 12-year old education system in 1997.

Kazakhstan also attempts to copy other Uzbek social programmes. The author said that Uzbekistan implemented various state programs, including “Ensuring implementation of human interests”, “Ensuring implementation of family interests”, “Healthy generation”, etc. He said that experience of Uzbekistan attracted interest of Kazakhstan as it called 2011 as the year of education.

Ubaydullaev added that Uzbekistan will not object for borrowing experience of Uzbekistan, but called to not to forgot to cite the authors.