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Macro-economics and how it impacts on HR – Kazakhstan

Written by
AEQUITAS Law Firm, the top labour and employment practice in Kazakhstan.
With an economy closely linked to Russia and a currency connected to the ruble, Kazakhstan has already taken a big hit since the war began.


The Kazakhstan economy is experiencing hard times. The negative influence of the anti-Russian sanctions have affected the national currency, the exchange rate of which is closely connected to the Russian ruble.  Further, sanctions have led Kazakhstan into a complicated logistical situation because its primary transportation routes run through the Russian Federation. This problem has affected almost all economy sectors that depend on import/export. 

So far, it is probably too early to understand the influence of this situation on the employment; however, there is a definite risk that Kazakhstani companies will need to cut back on expenses and this may result in staff reduction.  Even now, there is a slight growth in labour migration from Ukraine and the Russian Federation to Kazakhstan, and this is forecasted to grow unless the situation in these countries improves. This has the potential to increase the numbers of unemployed citizens of Kazakhstan. 

Anton Alexeyev
Associate - Kazakhstan