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8746430 
Journal Article 
The dependence of the Kazakhstan economy on the oil sector and the importance of export diversification 
Azretbergenova, G; Syzdykova, A 
2020 
10 
6 
157-163 
English 
The recent decline in oil prices caused Kazakhstan, like many oil-dependent countries, to lose its financial resources and weaken economically. In Kazakhstan, which supplies about 50% of budget revenues from oil and petroleum products, the currency (KZT) has depreciated by 20% in the first and 60% in the second stage due to oil prices falling sharply in 2014. Also in March 2020, the Kazakh tenge, which was affected by the drop in oil prices, depreciated by 18%. The fact that oil revenues are not used correctly and strategically in time and the necessary attention to non-oil sectors has an effect on this. In order to get out of this situation, it is important for Kazakhstan to give importance to the development of non-oil sectors and to ensure the development of exports in these sectors. In this study, the importance of the oil sector in Kazakhstan economy and the current situation of non-oil sectors are examined. In addition, suggestions and recommendations were given for the development of the non-oil sector and exports. © 2020, Econjournals. All rights reserved. 
Diversification of Export; Kazakhstan; Non-oil Sector; Oil Sector