Kazakh President Kassym-Jomart Tokayev has stated that Kazakhstan is prepared to confront the consequences of what he described as one of the most severe global economic crises in recent decades. Speaking at a meeting with the country’s scientific community, Tokayev emphasized that while the international environment is turbulent, there is no reason for panic, noting that Kazakhstan has prior experience in navigating such challenges.
“Due to the onset of a ‘tariff war of all against all,’ we are witnessing the breakdown of production and trade chains, the collapse of markets, and heightened volatility in raw material prices. These developments will inevitably affect all nations, including Kazakhstan,” Tokayev warned.
Despite these external shocks, he assured that the country will stay the course on its development agenda. All priority infrastructure projects, he confirmed, will continue to receive full financing and will be implemented as planned.
In light of growing global uncertainty, Tokayev underlined the fierce competition for investment that lies ahead. “We need to be in very good shape. We must be ready for all scenarios. We must act pragmatically and confidently. Crises are beneficial in that they reveal the presence or absence of managerial talent and give rise to new opportunities,” the president stated.
A day earlier, Tokayev had convened a meeting with key figures from the government’s economic and financial sectors to assess the situation following a steep decline in global prices for energy resources and essential commodities.
As previously reported by The Times of Central Asia, Kazakhstan’s economy has recently received a temporary boost thanks to increased demand and rising prices for several key exports. This trend followed the U.S. suspension of additional tariffs on various countries, including Kazakhstan.
