Kazakhstan's President Kassym-Jomart Tokayev warned on April 10 that current global events could signal an impending economic storm. Speaking before Kazakh scientists at the capital residence, Tokayev emphasized the severity of the crisis the world may be facing, according to Report.
"Many experts believe the world is on the brink of one of the most severe crises in recent decades," Tokayev stated. "The ongoing tariff wars and trade disruptions are causing breakdowns in production chains, a decline in markets, and extreme volatility in commodity prices. These factors will inevitably affect all countries, including Kazakhstan."
While a 90-day moratorium on new tariffs has been implemented, Tokayev noted that the market remains highly unstable. However, he reassured those present that the government is taking steps to mitigate the effects of this economic storm on Kazakhstan's economy.
"There is no reason to panic," Tokayev said. "We have always overcome challenges confidently by focusing on priority areas."
He also stressed that despite these external challenges, Kazakhstan will continue to execute all major infrastructure projects and other planned initiatives. Tokayev reminded the audience that on April 9, he instructed the government and local authorities to urgently finalize a plan to maintain growth and attract investments.
"In these times, a fierce competition for investment will arise. We must be prepared and act pragmatically and confidently. Crises, as we know, test the business acumen of managers and open new opportunities. This is crucial for the sustainability of our economy and social stability in the face of major external shocks," Tokayev concluded.
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