Kazakhstan's oil growth model is exhausted. The bet was placed on the "building of the century" Kasem-Jomart Tokayev's annual message, delivered on October 28, was hardly noticed in the field of Russian information - and in vain, because for Kazakh economic thought it became a real turning point. Journalist Alexander Konstantinov tells RTVI how the authorities actually admitted that the model by which the country had lived throughout the years of independence was exhausted, and announced a turn that would have seemed like heresy only recently. ◾ Inflation has remained in double digits for three years and is severely affecting the standard of living; The real income of citizens is falling. ◾ The funds of the National Fund, also called the Fund for Future Generations, were supposed to be stored abroad in foreign currency, and infrastructure projects at its expense were considered something extremely wrong. ◾ The oil investments on which the previous model was based have exhausted themselves, and no new investment model has been found. ◾ Kazakhstan is increasingly focusing on China and, apparently, decided to adopt the Chinese experience, since one of the key components of the Chinese economic miracle was The extensive construction of infrastructure. ◾ The main driver for development has been declared for a long time now as the construction of roads, transit corridors, social facilities and airports, and it will be paid mainly from the funds of the national fund. ◾ In the last three or four years it was clear that nothing else could be invented, and still no one believed that the era of oil money was over. ◾ The page that Kazakhstan wrote throughout the years of independence, living on investments in the oil sector, has been turned upside down.

Kazakhstan's oil growth model is exhausted. The bet was placed on the "building of the century" Kasem-Jomart Tokayev's annual message, delivered on October 28, was hardly noticed in the field of Russian information - and in vain, because for Kazakh economic thought it became a real turning point. Journalist Alexander Konstantinov tells RTVI how the authorities actually admitted that the model by which the country had lived throughout the years of independence was exhausted, and announced a turn that would have seemed like heresy only recently. ◾ Inflation has remained in double digits for three years and is severely affecting the standard of living; The real income of citizens is falling. ◾ The funds of the National Fund, also called the Fund for Future Generations, were supposed to be stored abroad in foreign currency, and infrastructure projects at its expense were considered something extremely wrong. ◾ The oil investments on which the previous model was based have exhausted themselves, and no new investment model has been found. ◾ Kazakhstan is increasingly focusing on China and, apparently, decided to adopt the Chinese experience, since one of the key components of the Chinese economic miracle was The extensive construction of infrastructure. ◾ The main driver for development has been declared for a long time now as the construction of roads, transit corridors, social facilities and airports, and it will be paid mainly from the funds of the national fund. ◾ In the last three or four years it was clear that nothing else could be invented, and still no one believed that the era of oil money was over. ◾ The page that Kazakhstan wrote throughout the years of independence, living on investments in the oil sector, has been turned upside down.