Poverty reduction pace slowed down in Kazakhstan – World BankThe pace of poverty reduction in Kazakhstan has slowed in recent years, despite significant progress in the country since the early 2000s, according to the World Bank's (WB) "Kazakhstan Poverty and Welfare Assessment 2024" report."Economic progress between 2006 and 2021 significantly improved living standards and reduced poverty in Kazakhstan. However, since 2014, economic growth has slowed and the pace of poverty reduction has decreased. The COVID-19 pandemic has exacerbated the problems, highlighting the need for sustainable and inclusive economic strategies," Andrei Mikhnev, World Bank Resident Representative in Kazakhstan, is quoted as saying in the WB report.According to the World Bank, the rapid decline in poverty from 2006 to 2013 was partially reversed by the economic downturn in 2014-2016, which caused the poverty rate to rise again. From 2016 to 2021, poverty reduction resumed, but at a slower pace than in the first phase, the report says.The report emphasises the need to diversify Kazakhstan's economy, which remains heavily dependent on raw materials exports.According to the World Bank, the poverty rate in rural areas (11.4%) remains higher than in urban centres (6.6%), and the Turkestan region now accounts for a disproportionate share of the poor. "Moreover, poverty has become more concentrated among children and large families: children now account for 40% of the poor, compared to 27% in 2006," the World Bank said."While access to education in the country is universal, there remain significant disparities in quality and outcomes," the report said.In addition, climate shocks pose growing risks, especially for rural and vulnerable populations. "While Kazakhstan is less exposed to climate risks than its neighbours, its vulnerability is higher due to weak adaptive capacity," the report says.To sustain progress, the World Bank recommends that Kazakhstan improve the redistributive effectiveness of fiscal policy through progressive taxation and better targeted social transfers.In addition, improving the quality of education, especially for vulnerable groups, is critical to preparing Kazakhstan's workforce for future opportunities. (ICE ALMATY)

Fonte notizia: INTERFAX