The influence of the banking sector on the economy of Kazakhstan

Abstract

At the present stage, the banking sector plays a leading role in the economy of any country in the world. The novelty of the study is that it examines the influence of second-tier banks on the economy of Kazakhstan. This topic is relevant due to the fact that banks are financial institutions that carry out all cash flows in the country.

Using dynamic series for Kazakhstan for 2007-2024, a correlation and regression analysis was carried out, on the basis of which an equation was formed based on the variables: GDP, assets of the banking sector, its loan portfolio, external debt. Data on macroeconomic indicators were used based on information from the National Bank of the Republic of Kazakhstan. At the same time, based on the indicators of countries of the world, including Kazakhstan, a data sample was made and grouped by countries based on banking presence in the market.

The study allows us to establish the possibility of the influence of the banking sector on the economic development of Kazakhstan, since bank lending allows for the growth of the consumer market. In conclusion, various scenarios for the development of GDP and the banking sector are proposed based on a linear equation created taking into account the definition of the correlation between indicators and the assessment of their impact on economic development.