{
  "title": "Republic of Kazakhstan: Selected Issues",
  "publication": "IMF Staff Country Reports, February 7, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/02/07/republic-of-kazakhstan-selected-issues-544623",
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  "summary": "This Selected Issues paper applies a range of quantitative methods to explain recent inflation dynamics in Kazakhstan. It presents an overview of recent developments and utilizes a principal component analysis to decompose inflation in Kazakhstan between global, regional, and domestic sources.",
  "sections": [
    {
      "heading": "Overview and methods",
      "content": "- Applies a range of quantitative methods to explain recent inflation dynamics in Kazakhstan.\n- Methods used:\n  - Principal component analysis to decompose inflation between global, regional, and domestic sources.\n  - Phillips curve model, augmented with external variables, to quantify drivers of inflation.\n  - Vector autoregressive model to examine dynamic effects."
    },
    {
      "heading": "Key findings",
      "content": "- External factors have had a strong impact on inflation dynamics in Kazakhstan in the recent period.\n- Domestic factors remained important contributors to inflation dynamics.\n- Looking ahead, inflation in Kazakhstan will depend significantly on the global environment but will also be shaped by domestic policy decisions."
    },
    {
      "heading": "Policy recommendations and implications",
      "content": "- Near term:\n  - Premature monetary policy loosening should be avoided.\n- Medium term:\n  - Continue efforts to strengthen the monetary policy framework to help moderate the volatility of inflation and reach the inflation target.\n  - Fiscal policy should remain supportive of price stability.\n\n---\n\n Content in this bundle\n\n- Republic of Kazakhstan: Selected Issues; IMF Country Report No. 24/47; January 31, 2024\n  - Republic of Kazakhstan: Selected Issues; IMF Country Report No. 24/47; January 31, 2024 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Republic of Kazakhstan: Selected Issues; IMF Country Report No. 24/47; January 31, 2024 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2024/02/07/republic-of-kazakhstan-selected-issues-544623/index.md)",
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    "Published: February 7, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400267642.002",
    "Applies a range of quantitative methods to explain recent inflation dynamics in Kazakhstan.",
    "Methods used:",
    "External factors have had a strong impact on inflation dynamics in Kazakhstan in the recent period.",
    "Domestic factors remained important contributors to inflation dynamics.",
    "Looking ahead, inflation in Kazakhstan will depend significantly on the global environment but will also be shaped by domestic policy decisions.",
    "Near term:",
    "Medium term:",
    "**Republic of Kazakhstan: Selected Issues; IMF Country Report No. 24/47; January 31, 2024**"
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