Impact of the pandemic on the economy of Kazakhstan

Abstract

The pandemic has made global adjustments to the economies of different countries and has become the main factor in reducing consumer demand for goods, works and services. Fear of losing a job or being quarantined has driven down the consumer spending. The decline in consumer demand led to a reduction in business, which gave rise to other negative consequences, such as the inability of enterprises to pay their obligations and repay debts, and a decrease in creditworthiness. The decline in the profitability of companies led, to a reduction in tax revenues to the state budget. The purpose of writing the article was to consider the impact of the pandemic on the economy of our country, since during the pandemic the high level of uncertainty was observed, the instability and non-standard situation had a negative impact on the economy and social sphere.The paper applied the methods of economic and statistical research using the materials of the National Statistics Bureau of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan for 2017–2021.The scientific work reveals the main problems of the development of the country's economy in the most acute period of the pandemic – in 2020, and also describes the main measures taken by the state.The carried out analysis reflects the possible and potential losses for Kazakhstan in the event of a recurrence of a similar crisis, and the measures that should be taken to minimize the consequences and reduce damage in the future.