NATIONAL ECONOMY: DEVELOPMENT VECTORS
In the practice of regional typology in Kazakhstan, it is customary to distinguish "resource regions." For conducting a comprehensive analysis of the socio-economic development, development of mechanisms for managing the innovative development of resource regions of Kazakhstan, a key criterion is the share of gross value added from the extraction of minerals in the structure of the gross regional product. Based on this indicator, four resource-rich regions of Kazakhstan (West Kazakhstan, Kyzylorda, Atyrau, and Mangystau regions) can be identified, where socio-economic development is predominantly driven by the extraction, export of oil and gas, overshadowing other forms of natural resource extraction.
The aim of the research is to examine the assumption that a significant portion of the attributes associated with the "smart specialization" model are formally integrated into traditional development approaches used by various regions of Kazakhstan.
Methodology. The article provides an assessment of the innovative development strategies of specific regions of Kazakhstan using criteria outlined in the "smart specialization" model. The study relies on publicly available sources, including specialized databases of regulatory acts and offi cial websites of regions.
Originality/value of the research. The value of the hypothesis in the study and evaluation of the parameters of the development programs of the regions of Kazakhstan lies in the use of the adapted method of the RIS3 self-assessment wheel, which evaluates the strategies of regional innovations in the field of intellectual specialization.
Research results. The results of the study and evaluation of regional strategies and programs allowed us to construct a «web diagram» as a result, which highlights the strengths and weaknesses of innovative development, and states the existence of problems of consistency between the elements of the strategy that stimulate innovative development of regions.
The purpose of the study is to assess, based on the in-depth analysis, the current state and dynamics of the processes of reproduction of the population of Kazakhstan and its regions.
Research methodology. The methodological basis for this study was statistical methods: retrospective, current and prospective analysis, time series, index methods, comparison of open access statistical data characterizing population reproduction processes.
The official statistical information of the Bureau of National Statistics ASPiR of the Republic of Kazakhstan (BNS), presented on the official website, was used as a data source.
Originality (value) of the study. The main value of this study lies in the analysis of the mutual influence of changes in the age-sex structure and population reproduction processes based on forecast calculations.
Results of the study. Based on the analysis of the age-sex structure of the population, the main trends and mutual influence of “demographic waves” and indicators of reproduction of the population of Kazakhstan were identified, an analysis of changes in the main indicators of the number and age-sex structure, natural movement of the population was carried out based on forecast calculations.
Purpose. According to Kazakhstan’s strategic geographical location and its aspirations to become a major transit and logistics hub in Central Asia, the purpose of the study is to investigate the relationship between economic growth and other variables as foreign direct investments and logistic performance.
Methods. The data is derived from the World Band Data from 2007-2023 years. The research employs econometric modelling, based on previous studies and data analysis techniques. Correlation matrix is conducted prior to understand the relation between the performed variables.
Originality / value of the research. By analyzing the data and employing econometric techniques, the research provides empirical evidence on how these factors influence the economic growth in the Republic of Kazakhstan. Furthermore, adding logistics performance in the analysis as a key variable shows the specificity of the research, considering the Kazakhstani ambitions to bolster its logistics infrastructure.
Findings. The regression analysis indicates that the model has a high explanatory power. This indicates that GDP can be explained by the independent variables that are under the authors’ consideration. Logistics performance and energy consumption show statistically significance, while Foreign Direct Investment (FDI), urban population growth and infl ation do not have statistically significant power.
The findings underscore the critical role of logistics performance in driving economic growth in the Republic of Kazakhstan. Investments in improving logistics infrastructure and effi ciency are likely to yield substantial benefits for the economy.
Purpose. This research aims to explore how dual education introduced as part of the state policy of modernizing the education system enhances academic performance and increase students' satisfaction with learning outcomes in Kazakhstani technical and vocational education and training (TVET) institutions.
Methodology. A survey involving 523 students from TVET institutions in Almaty city was conducted for this purpose. Using the SPSS software, the survey data were analyzed to investigate two hypotheses. The first hypothesis proposes that students in dual education systems achieve superior academic results, thereby potentially enhancing their success in the labor market compared to students in non-dual education systems. Hypothesis 2 suggests that dual education students report higher satisfaction with their learning outcomes and greater confi dence in their employability compared to students in non-dual education systems.
Originality / value of the research. This study serves as a methodological trial to explore how dual education affects the quality of education in TVET institutions. It also aims to assess the impact on students' satisfaction with their learning outcomes and their confidence in employability.
The findings indicate that students in dual education programs exhibit greater confidence in their job market prospects, higher satisfaction with their educational outcomes, and superior academic achievement compared to those in traditional (non-dual) education.
Purpose of the research is to create a concept of glamping complex «KazGlamping» in Katon-Karagai National Park, taking into account the principles of sustainable development, high quality of tourist services and development of ecotourism in the region. As well as, to generate employment opportunities within the confines of Katonkaragai National Park, thereby reducing unemployment rates and enhancing the local community’s well-being. Additionally, the research strives to increase tax revenues for regional and local budgets while ensuring the preservation of the park's unique natural features.
Methodology. The research methodology encompasses a comparative-typical analysis, interviews, and the implementation of the SWOT analysis method (examining strengths, weaknesses, opportunities, and threats). Furthermore, the experiences of the Jewelberry Glamping glamping network have been taken into consideration.
Originality / value of the research. While many individuals yearn to explore the beauty of secluded natural landscapes and witness rare natural phenomena, not everyone is willing to traverse rugged terrains with heavy backpacks. Consequently, a new form of eco-tourism, known as «glamping» (glamorous camping), has gained popularity worldwide. The article also delves into foreign experiences in this field.
Purpose. By analyzing the relationship between agricultural production, emissions, agricultural employment and local communities, the study aims to highlight the role of agriculture in economic development, as well as provide specific recommendations for policymakers in prioritizing agriculture.
Methods. The authors use linear regression as a methodology to establish and identify the relationship between agricultural indicators and GDP growth. The data was taken from various reliable sources, such as the Statistics Agency of the Republic of Kazakhstan and the World Bank. The regression includes both dependent variables (GDP) and independent variables (agricultural activity). Statistical tests are also presented to assess the significance and reliability of the findings.
Originality / Value. The article presents new evidence of the dependence of the economy of the Republic of Kazakhstan on the agricultural sector. The uniqueness of the work lies in the identification of the main problems of the agricultural sector and the proposed solutions. The consideration of carbon dioxide emissions and rural employment issues adds a special scientific depth to the study.
Findings. The regression analysis identified factors that directly influence the growth of the GDP of the Republic of Kazakhstan. Moreover, the R-square indicates that a significant portion of the variance in the dependent variable can be explained by the selected independent variables, demonstrating the model's effectiveness in identifying the key determinants of agricultural productivity. As observed from the research results, Kazakhstan's agricultural sector requires more attention compared to the industrial sector. This sector is responsible for the growth of GDP and economic productivity, with empirical evidence supporting this. By supporting agrarian policies and investments, it is possible to combat poverty and sustainably develop the rural population.
The purpose of the study is to identify and analyses the socio-economic factors influencing educational inequality in urban and rural schools in Kazakhstan.
The research methodology includes the use of quantitative methods such as descriptive statistics, comparative and correlation analysis, and regression analysis to identify the impact of population income and the level of digitalisation on educational outcomes. Additionally, focus groups were conducted with participants from different regions to investigate subjective factors such as family values, educational patterns and access to educational resources.
The originality of the study lies in the integrated approach, combining quantitative data and qualitative methods, which allows for a deeper understanding of the relationship between socio-economic factors and educational outcomes.
The results of the study showed that urban school students consistently perform better on the UNT, which is associated with access to better educational resources, qualified teachers and the Internet. Correlation analysis revealed a moderate positive correlation between the number of fixed Internet subscribers and average UNT scores, which underlines the importance of digitalisation in educational processes. At the same time, the weak correlation between household income and UNT scores indicates the need for a more detailed analysis of factors affecting the quality of education, such as infrastructure and human resources policy in education. This study emphasises the importance of developing support measures for rural schools and digital infrastructure.
STATE AND BUSINESS: THEORY AND PRACTICE OF MANAGEMENT
The purpose of this research – to explore the effects of ESG (environmental, social, and governance) practices on firm financial sustainability in developed and developing economies.
Methodology – Panel regression analysis is used to test the effects of ESG practices on financial sustainability by controlling year, sector, and country fixed effects. Financial performance is estimated based on Tobin’s Q, while ESG practices are measured using ESG scores obtained from Eikon’s ASSET4. The final sample consists of 34,953 fi rm-observations from 49 countries from 2002 to 2022.
Originality/value of the research – This work offers important implications for various stakeholders by providing new insights into the relationship between ESG practices and financial sustainability of public fi rms operating in different countries and highlighting the role of country-level economic conditions in promoting corporate ESG initiatives and sustainability.
Findings – The study shows that the individual and composite ESG practices can substantially improve financial performance. The results also show that the positive impacts of environmental and social initiatives and the overall ESG practices on financial well-being are more pronounced for fi rms from developed economies. Further analysis verifies that improved ESG practices may increase financial stability, measured as the Altman’s score.
Purpose. This research investigates the role of labor resources in the sustainable development of the West Kazakhstan Region (WKR), focusing on the impact of social responsibility initiatives on regional economic stability and growth. The study seeks to elucidate the contributions of major enterprises and state programs to labor market dynamics and regional development.
Methodology. The research employs a quantitative approach, analyzing demographic data, labor market statistics, and corporate social responsibility (CSR) initiatives through statistical reports, surveys, interviews from open sources, and document analysis. The study also utilizes data from platforms like hh.kz to assess job vacancies and employment trends within the region.
Originality / value of the research. This study offers a comprehensive analysis of the connection between labor resources and social responsibility in fostering regional development in Kazakhstan, a topic less explored in existing literature. By focusing on WKO, the research highlights specific regional challenges and responses, contributing to new insights into the effective management of labor resources in transitional economies.
The Findings reveal that WKR exhibits a stable economic condition with a labor force participation rate of 69.8 % and an unemployment rate of 4.9 % despite this stability, the region faces a shortage of qualified specialists. CSR initiatives by major enterprises like North Caspian Operating Company N.V. and KazMunayGas (KMG) subsidiaries have positively impacted social infrastructure and employment rates. The study underscores the necessity of ongoing social projects, enhanced support for young specialists, and improved worker qualifications to sustain economic growth and reduce unemployment in the region.
INVESTMENT, FINANCE AND ACCOUNTING
Purpose of the study. The purpose of the scientific article is to consider the importance and features of the application of the main technologies of the lending process in domestic second-tier banks in the conditions of instability and uncertainty of modern world financial and economic relations.
Methodology. In the course of the study, general scientific methods, literature review, analysis, synthesis, deduction, classification, systematic approaches are used.
Originality / value of the study. The banking system of the Republic of Kazakhstan, according to European and international experts, is recognized as the most developed banking system among the CIS countries. Indeed, in recent years, strong changes have been observed in the banking system of the Republic of Kazakhstan; international standards have been introduced into the banking system, such important institutions as mandatory guarantee reserves for deposits and mortgage lending have been created; Otbasy Bank; processing center; credit bureau services have been organized.
This article discusses the features of the technology of the bank lending process, which allows us to improve banking services in all areas, providing the most convenient and attractive services for customers through modern lending technology.
Results of the study. The directions of application of technological mechanisms of the lending process, which allow us to speed up the provision of banking services, simultaneously serve several clients, and achieve high efficiency, were considered.
The purpose of the study - is to analyze the relationship between foreign direct investment (FDI), economic growth, inflation and the volume of international reserves in the context of the economy of Kazakhstan.
The methodology - involves quantitative analysis using an econometric linear regression model to assess the impact of FDI on Kazakhstan's economic performance. Data for the analysis were taken from the World Bank's open sources for the period from 1992 to 2022.
Originality/value of the research—The research contributes to the understanding of the mechanisms of international investment's impact on the economies of countries with economies in transition, using Kazakhstan as an example. A special feature of the work is a comprehensive analysis of the influence of macroeconomic factors on the investment climate, which is important for the formation of state economic policy.
Findings of the Study – The results showed that international reserves have a significant positive impact on attracting FDI, while inflation did not have a statistically significant impact in this model.
The purpose of the study is to assess the impact of the level of financial literacy of the population of Kazakhstan on the possibility of further pension planning.
Methodology. The research methods used were content analysis, aimed at studying the issues of financial literacy and pension planning, and also considered statistical indicators and state policy in the fi eld of pension planning.
Originality or value of the research. Financial literacy is one of the decisive factors in increasing the level of financial well-being and proper retirement planning. With economic growth slowing and inflation rising, one of the low indicators of financial literacy is the lack of retirement planning skills. For a more detailed understanding of the relationship between financial literacy and pension planning, the authors studied a number of data on the management of pension assets and the possibility of opening a pension annuity. The study's findings may be useful for further improving the effectiveness of government policies.
Research results. The results of the study indicate that pension asset management is inextricably linked with the level of financial literacy. The opportunity to receive lifetime pension payments using a pension annuity is extremely small and amounts to only 0,07 % of the total number of open pension accounts. To make maximum use of the pension annuity product, government support is needed to increase the level of financial literacy of the country's population.
GLOBALIZATION AND CENTRAL ASIA
Purpose: This study aims to critically examine Kazakhstan's involvement in China's Belt and Road Initiative (BRI), challenging prevailing realist interpretations and exploring the nation's agency within the framework of this expansive development strategy. By analysing the multifaceted nature of the BRI and its impact on Kazakhstan's economic development, the research seeks to provide a nuanced understanding of the initiative's implementation and outcomes.
Research Methodology: The study employs a matrix approach to analyse the BRI's functions and sectors, with a particular focus on Kazakhstan. This methodology involves the creation of two comprehensive matrices: one delineating the overall BRI framework and another specific to Kazakhstan's engagement. The matrices were developed through an extensive literature review, expert consultations, and iterative refinement. This approach allows for a systematic examination of how various BRI functions manifest across different sectors, providing a structured framework for understanding the initiative's scope and impact.
Originality: This research contributes to the existing literature by offering a constructivist perspective on Kazakhstan's involvement in the BRI, countering dominant realist narratives. The study's originality lies in its development of a novel matrix approach to BRI analysis, which provides a comprehensive and nuanced view of the initiative's multifaceted nature. Furthermore, the research challenges prevailing misconceptions about the BRI, particularly the notions of 'debt trap diplomacy' and China's purported rigid plan for global dominance.
Research Findings: The study reveals that Kazakhstan has effectively leveraged the BRI to its national advantage, utilising open-ended multi-vector policies to selectively engage with the initiative. Contrary to realist interpretations, the research finds that agreements between Kazakhstan and China are based on mutual benefit and equal footing. The economic development impacts of the BRI on Kazakhstan are found to be largely positive, advancing the nation's progress across various sectors. The study also highlights the complex and less cohesive dynamics of BRI implementation, challenging the notion of a monolithic Chinese strategy. Additionally, the research demonstrates that BRI funding helps address the infrastructure gap in developing nations, offering alternative investment opportunities with fewer conditionalities than traditional Western-led initiatives.
The purpose of this study is to examine the impact of economic identity on regional integration processes in Central Asia and to identify the key challenges and prospects associated with these processes.
Methodology. To achieve the stated goal, we apply a comprehensive approach that includes quantitative and qualitative methods, as well as comparative analysis. Quantitative analysis is based on statistical data on the trade and economic indicators of Central Asian countries obtained from international and national sources. Qualitative analysis relies on political and economic documents related to integration processes in the region. Comparative analysis is used to identify common and specific aspects of the economic identity of the countries in the region and their impact on integration processes. The criteria for selecting the research approach include the relevance of the method for studying economic identity, the possibility of obtaining reliable and
Originality/Value of the research. The originality/value of the study lies in a comprehensive approach to the study of economic identity and its impact on integration processes in Central Asia, which has not previously received sufficient coverage in the scientific literature. The value of the research is manifested in identifying the relationship between economic identity and regional integration, which can contribute to the development of more effective strategies aimed at deepening integration processes in the region.
Research Results. The study shows the significant impact of economic identity on integration processes in Central Asia. It identifies the obstacles and opportunities for the development of regional integration, as well as key factors contributing to successful integration. Recommendations have been developed to optimize integration processes considering the economic identity of the countries in the region.
ISSN 2789-4401 (Online)