Kazakhstan:
Macro-Economics And How It Impacts On HR
28 April 2022
Ius Laboris
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With an economy closely linked to Russia and a currency
connected to the ruble, Kazakhstan has already taken a big hit
since the war began.
The Kazakhstan economy is experiencing hard times. The negative
influence of the anti-Russian sanctions have affected the national
currency, the exchange rate of which is closely connected to the
Russian ruble. Further, sanctions have led Kazakhstan into a
complicated logistical situation because its primary transportation
routes run through the Russian Federation. This problem has
affected almost all economy sectors that depend on
import/export.
So far, it is probably too early to understand the influence of
this situation on the employment; however, there is a definite risk
that Kazakhstani companies will need to cut back on expenses and
this may result in staff reduction. Even now, there is a slight
growth in labour migration from Ukraine and the Russian Federation
to Kazakhstan, and this is forecasted to grow unless the situation
in these countries improves. This has the potential to increase the
numbers of unemployed citizens of Kazakhstan.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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