Financial Crisis in Kazakhstan
Financial Crisis in Kazakhstan
4/27/2011
Birimzhan Sayan ID: 20080347
Contents
Introduction 3 Causes of Financial Crisis 3 Consequences 3 The growth of banking system in Kazakhstan decreased. 3 Restructuring Banking System 3 Prices for oil fell dramatically 3 Unemployment rate rocked up. 3 The fell of Gross Domestic Product 3 The danger of criminal in the streets increased 3 Solutions of the Problem 3 Conclusion 3 References 3
Financial Crisis in Kazakhstan Introduction
The global financial crisis is the most discussed issue for the last 5 years. It is a disaster with immense power and sometimes it is compared with a hurricane as it cannot be controlled and avoided. We are still feeling the consequences of global decline in the economy and we ask questions from ourselves “Why did it happen?” and “What were the causes for this?”. Financial Crisis made a huge impact on the economic stability of Kazakhstan. Crisis happened because people did not want to accept the bad news as their businesses, salaries, living and working conditions were becoming much better day after day. People had a miraculous hope that luxurious way of living will last forever and there will never be an explosion which happened in 2008. As we faced the crisis we could not adequately analyze the problem and were not willing to do it either. The problem of financial crisis is peoples’ flippant behavior which created a misbalance between banks and clients and government has to create a new plan to solve this problem.
There are several important dates and steps which made Kazakhstan to face this Global Problem. Also, these dates changed not only economy of the country, but peoples’ lives and destinies. We live in the world where everything is connected with other and if something happens everything will fall like house of cards. However, the roots and consequences are to be identified. Banks are trying to cope with this problem, because the
4/27/2011
Birimzhan Sayan ID: 20080347
Contents
Introduction 3 Causes of Financial Crisis 3 Consequences 3 The growth of banking system in Kazakhstan decreased. 3 Restructuring Banking System 3 Prices for oil fell dramatically 3 Unemployment rate rocked up. 3 The fell of Gross Domestic Product 3 The danger of criminal in the streets increased 3 Solutions of the Problem 3 Conclusion 3 References 3
Financial Crisis in Kazakhstan Introduction
The global financial crisis is the most discussed issue for the last 5 years. It is a disaster with immense power and sometimes it is compared with a hurricane as it cannot be controlled and avoided. We are still feeling the consequences of global decline in the economy and we ask questions from ourselves “Why did it happen?” and “What were the causes for this?”. Financial Crisis made a huge impact on the economic stability of Kazakhstan. Crisis happened because people did not want to accept the bad news as their businesses, salaries, living and working conditions were becoming much better day after day. People had a miraculous hope that luxurious way of living will last forever and there will never be an explosion which happened in 2008. As we faced the crisis we could not adequately analyze the problem and were not willing to do it either. The problem of financial crisis is peoples’ flippant behavior which created a misbalance between banks and clients and government has to create a new plan to solve this problem.
There are several important dates and steps which made Kazakhstan to face this Global Problem. Also, these dates changed not only economy of the country, but peoples’ lives and destinies. We live in the world where everything is connected with other and if something happens everything will fall like house of cards. However, the roots and consequences are to be identified. Banks are trying to cope with this problem, because the