The current economic crisis, which covers all countries of the world, has a stronger impact than in previous times. At the enlarged meeting of the government, the first president of the Republic of Kazakhstan N. Nazarbayev noted that «the global crisis today is the largest in terms of scale over the past 70 years». According to experts, this crisis is even greater than the Great Depression of the 30s, since it covered not only banks, but also the real sector of the economy.
The consequences of the first and second waves of the financial crisis forced the governments of many countries to take appropriate measures aimed at stabilizing financial and other sectors of the economy. For example, according to the results of 2008, the world's leading economies spent more than 9.4 trillion dollars to overcome the consequences of the financial crisis. dollar. USA, which is 15 % of world GDP. In general, the distribution of spending by country was from 1 % per GDP (Ireland) to 225 % (Australia, Denmark) [1].
At the same time, the main directions of state support were financial and banking systems, stimulation of domestic demand, development of infrastructure and energy, as well as regulation of the labor market and the system of social protection of the population, support for housing construction and real estate markets, support for agriculture, export-oriented industries, small businesses.
First of all, a measure was taken to stabilize the volume of liquidity, since the global crisis, first of all, had a huge impact on the financial sector. In this regard, in order to ensure the most sustainable development of banks and protect the interests of individual clients and shareholders of these institutions, measures were taken to reduce interest rates, increase the volume of purchased corporate bonds, purchase blocks of shares of financial institutions, and in some cases — up to their full nationalization.
In the United Kingdom, the United States, Germany and the states of Japan, state guarantees for financial funds were the main instrument. In addition, in the countries of the United States and Russia, recapitalization, in other words, direct financing of banks, is used as an effective anti-crisis measure. In Germany, for example, the recapitalization of banks provided for the following measures: compliance with the requirements for the remuneration of managers, the strategy of doing business, the termination of the payment of dividends to shareholders.
In particular, in European countries, much attention is paid to the issues of guarantees for insurance of deposits of individuals. another indirect instrument was permission to merge and acquire banking and other financial structures, while earlier this measure was strictly controlled by states.
In the field of the real economy, one can distinguish a general trend of state support for individual enterprises and industries capable of ensuring the competitiveness of the economy during the crisis period and in the process of getting out of it.
For example, in the real sector of the US economy, the main measures were, that is, the application of tax incentives, the support of enterprises by providing state guarantees on loans, the adoption of Customs and tariff policies, the support of small businesses, the improvement of the public procurement system, the preservation of employment or, at least, the creation of conditions for the Prevention of unemployment. In addition, the American problem asset Assistance Program (TARP) provides for limiting retreating rewards and payments to senior management personnel, refunding previously paid bonuses, and reducing tax benefits if they are found to be erroneous.
One of the most developed areas for solving the problems of regulating the global financial system is the development of mechanisms that allow maintaining the sovereignty of national economies and creating new world financial centers even in the context of globalization. This is primarily due to the introduction of reforms in the world currency, financial and trade systems.
The reform of the International Monetary System will be carried out in the direction of creating regional currency zones. At the same time, the choice of reserve currencies should be based on an assessment of the supply of basic physical resources. The latter include reserves and possible volumes of hydrocarbon production, biological and food resources, human (demographic) resources and technological assets, including infrastructure assets.
The consequences of the global crisis show that globalization and integration have both positive and negative consequences. One of the negative consequences is the huge dependence of the national economy as a whole and its individual subjects on world markets. Crisis phenomena in world markets also affected the economy of Kazakhstan. Since the crisis covers all world economies, it will be very difficult and very difficult to get out of it alone, to independently deal with the global problems of our time. And for this, there is both global and regional integration, the supporter of which is the state of Kazakhstan. Globalization has become one of the priorities of today's anti-crisis measures.
«We have entered the global global crisis with the whole world, and we can only turn this global key to the crisis with the whole world», N. A. Nazarbayev said. He expressed this idea at the 2nd International Forum, which was held in Astana on March 11–12. Nobel laureates R. Mandell and E. Phelps, who took part in this forum, supported the idea of N. Nazarbayev as a possible solution to the problems of the global economic crisis.
Kazakhstan, like other CIS countries, felt the negative impact of the economic crisis. Its influence in our country, first of all, affected the slowdown in the growth rate of the economy and its structure. This can be explained by the chief researcher of the KSI under the president of the Republic of Kazakhstan G. Rakhmatullina, the fact that our country is integrated into the world community and conducts international cooperation with foreign financial institutions. From the first days of the financial crisis, liquidity problems began, which affected the rate of industrial growth, which, as G. Rakhmatullina noted, fell to 4.5 % at the end of 2021. In particular, there is a tendency to increase the share of the service sector in the country's GDP by reducing the share of production of goods.
The government has taken urgent measures to ensure the stability of the country's economic growth. According to the data published on the website of the NDP» nurotan», in 2021–2022, more than 540 billion tenge or more than three and a half percent of the country's GDP projected for 2023 was allocated to support the economy as a whole. More than 175 billion tenge has been allocated to stabilize the housing construction market, which should be aimed primarily at supporting persons involved in shared construction of housing. Thanks to the measures taken, about eight thousand equity holders received apartments. In order to ensure the country's food security, 135 billion tenge was allocated to support the development of Agriculture in 2022. More than 165 billion tenge was allocated to support small and medium-sized businesses. In addition, when clarifying the Republican budget for 2008 to support socially vulnerable segments of the population, the size of the basic pension has been increased by 14 % since the second half of the year, and an average increase in state social benefits for disability has been provided by more than 30 %.
All these measures taken in Kazakhstan made it possible to somehow curb the negative impact of the global crisis.
However, the second wave of the crisis overtook the financial sector, and the crisis began to manifest itself in the real sector. As a result-a significant slowdown in the growth rate of the economy and, as a result, a decrease in demand for goods and services. As such the main consequences of the crisis for the country, the following can be noted: the outflow of capital from the country, a decrease in the flow of investment into the economy, some increase in unemployment, a decrease in the pace of development of small and medium-sized businesses.
At the same time, a long-term fall in world oil prices poses a serious threat to the economy of Kazakhstan, which can lead to a decline in industrial production, an increase in unemployment, an increase in inflation and a decrease in consumption.
All this required the development of additional measures to stabilize and improve the domestic economy. Therefore, the government has developed a joint action plan of the government of the Republic of Kazakhstan, the National Bank of the Republic of Kazakhstan and the agency for regulation and supervision of the financial market and financial organizations of the Republic of Kazakhstan for 2023–2024, called the anti-crisis program.
According to G. Rakhmatullin, the anti-crisis program developed by the government of the Republic of Kazakhstan clearly defines the priority sectors of the Kazakh economy that need state support, which is its advantage. These included the financial sector, the real estate market, small and medium-sized businesses, the agro-industrial complex, industrial-innovative and infrastructure sectors.
The role of the state in the economy of Kazakhstan is manifested in its direct participation in the withdrawal of banks, enterprises, firms from crisis situations. Kazakhstan, according to Russkaya Gazeta, is in the top ten in the world in terms of the amount of funds allocated to combat the crisis. At the same time, all these cash flows are under strict state control.
In this regard, opinions are formed and concerns arise that after such a strengthening of the role of the state, the country will not be able to return to a market economy. However, at present, the role of the state in all world economies is becoming stronger, since in times of crisis, businesses and banks need state support, since they cannot cope with the problems that have arisen on their own. Therefore, even in countries with a purely market economy, such as the USA, EU, Japan, under new conditions, the state becomes not only the main player in the economy, but often the owner of enterprises of the financial and banking sector. The current circumstances require the state to take quick, thoughtful measures.
References:
- Абишева М. А., Рахимжанова А. Ж. Основные меры ведущих государств мира по преодолению последствий мирового финансового кризиса // Информационно-аналитический журнал «Analytic» 2009. — № 1.
- Н.Назарбаев. Ключи от кризиса // Российская газета. Центральный выпуск № 4839. — 2009. — 2 февр.
- План совместных действий Правительства РК, Национального банка РК и Агентства РК по регулированию и надзору финансового рынка и финансовых организаций по стабилизации экономики и финансовой системы на 2009–2010 годы. — веб-сайт Правительства РК, 27.11.2008 г.
- Сайт ng.ru. Махмутова М. Центр анализа общественных проблем в РК.
- Интервью с редактором отдела политики журнала «Эксперт. Казахстан» Н. И. Кузьминым, сайт Информационно-аналитического центра. — 2009. — Апр.
