DIVERSIFICATION OF KAZAKHSTAN’S ECONOMY: ECONOMIC MECHANISMS FOR REDUCING OIL DEPENDENCE

Abstract

This article examines the issues of economic diversification in Kazakhstan and the economic mechanisms for reducing dependence on the oil sector. For a long time, Kazakhstan’s economy has been largely based on natural resources, particularly oil production. Such a structure increases the risk of economic instability due to fluctuations in global oil prices. The study analyzes the structure of the national economy and substantiates the need for the development of non-resource sectors. In addition, the main directions of economic diversification are considered, including the development of manufacturing industries, the agricultural sector, innovative technologies, and small and medium-sized enterprises. The article proposes effective economic mechanisms aimed at ensuring sustainable economic development, such as improving investment policy, modernizing production, and implementing digital technologies. The results of the study may contribute to increasing the competitiveness of Kazakhstan’s economy and ensuring its long-term sustainable development.