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Oil Rents and Economic Growth: Recent Evidence from Kazakhstan

High turbulence and dynamism of the current stage of development of the world economy are due to globalization and innovation. Under these conditions, the decreasing trend in the high growth rates appears in developing countries, which are one-sidedly oriented to commodity economy. The analysis showed that the quantitative changes in the economy of these countries in terms of increased levels or GDP have their limits. The transition from the concept of economic growth to the concept of economic development is necessary, which would mean the implementation of qualitative changes in the economy and social life. Enough attention paid to this problem in theory, but it is not always fully reflected in practice regarding the ongoing economic policies of certain countries. Taking example of Kazakhstan, author proves the necessity of highlighting clearly the problems of economic growth and economic development. The author proposes a methodology for calculating the integral indicator of economic development (EDII), enabling comprehensive and objective evaluation of the economic development levels of the countries in the world.

Abstract

1. Introduction

2. Research methodology

3. Main part

4. Research findings

5. Conclusion

References

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