The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
Trade was also initially undermined by a severe recession. Kazakhstan is facing increased challenges from higher global commodity prices. Against this background, an encompassing policy response is needed to control inflation and mitigate the scope for second-round price effects. The increase of trade openness in the 2000s coincided with Kazakhstan becoming a major oil producer and exporter. A number of issues still need to be resolved to achieve free trade of goods and services within the borders of the union.