The downturn of the oil prices in 2014 produced profound negative effects on the economy of Kazakhstan. The GDP growth in 2015 slowed down to 1.2% for the first time since 2009 and it contracted further in 2016 reaching 1%, which had never happened since 1998.
In July 2017, Halyk Savings Bank of Kazakhstan (Halyk Bank) officially announced that the bank acquired 96.81% of ordinary shares of Kazkommertsbank (KKB) for two tenge from Kenes Rakishev and the Sovereign Wealth Fund “Samruk-Kazyna”, which owned 86.09% and 10.72% stakes of KK
According to the latest official report provided by the Committee on Statistics of the Ministry of National Economy of Kazakhstan based on the latest collected data, the population of Kazakhstan exceeded 18 million people by the beginning of June of 2017.
In the early 2000s, in order to reduce the costs of production, a large number of Western companies moved their industrial facilities to regions with an undeveloped market, cheap labor and low industrial costs for environment.