• ISSN: 2301-3567 (Print), 2972-3981 (Online)
    • Abbreviated Title: J. Econ. Bus. Manag.
    • Frequency: Quarterly
    • DOI: 10.18178/JOEBM
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HOME > Archive > 2026 > Volume 14 Number 3 (2026) >
JOEBM 2026 Vol.14(3): 152-155
DOI: 10.18178/joebm.2026.14.3.927

Economic Complexity and Growth in Kazakhstan: A Regional Panel Analysis

Aziza Zhuparova
Aziza Zhuparova1,2
1Almaty Management University, Almaty, Kazakhstan
2Kazakh-British Technical University, Almaty, Kazakhstan
Email: Aziza.zhuparova@gmail.com

Manuscript received January 5, 2026; accepted April 6, 2026; published July 11, 2026.

Abstract—Kazakhstan is a country rich in natural resources, the majority of which are oil and gas. Since the collapse of the Soviet Union and independence, Kazakhstan has demonstrated a high dependence on oil and gas exports, which has led to volatile economic growth and limited economic diversification. This study assesses the relationship between industrial structure and regional economic performance in Kazakhstan using a panel of regions for 2010–2023. All monetary variables are converted to real per-capita measures and estimated in a log–log two-way fixed-effects model (region and year dummies) with cluster-robust standard errors by region. We find that a 1% increase in real investment per capita is associated with a 0.10% rise in real GRP per capita (p = 0.031), while a 1% increase in manufacturing output per capita is associated with a 0.19% rise (p = 0.019). Mining output per capita also shows positive elasticity (0.12%, p = 0.002). Lagged innovation expenditure per capita is positive but statistically insignificant (0.01, p = 0.311). Results are robust to fixed effects and clustered errors; we outline extensions with Driscoll–Kraay errors, dynamic panels (System-GMM), and threshold tests. Policy implications emphasize strengthening higher value manufacturing segments and improving investment efficiency to support regional income growth.
 
Keywords—economic complexity, quality of institutions, economic growth, threshold effects, commodity dependence, Kazakhstan

Cite: Aziza Zhuparova, "Economic Complexity and Growth in Kazakhstan: A Regional Panel Analysis," Journal of Economics, Business and Management, vol. 14, no. 3, pp. 152-155, 2026.

Copyright © 2026 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).


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