Raw-Material Oreantation of Kazakhstan: Economic Growth Through Improvement of Institutional Quality

Abstract

Efficient functioning of institutions plays one of the most significant roles in countries with rawmaterial based economy, as level of quality of such institutions has an impact on feasibility of management policy of national wealth. In this study need for improvement of institutional quality in Kazakhstan was identified on the basis of results of statistical analysis and review of various opinions of leading world economists regarding relationship between institutional quality and sustainability of redistribution of profits of available raw materials resources. As a result, the main factors increasing quality of institutional efficiency in Kazakhstan are defined with consideration of features of the national economy.