Private sector must become self-sustaining locomotive of economic growth - A. Irgaliyev

ASTANA. KAZINFORM - The private sector must become a self-sustaining locomotive of the economic growth and creation of jobs, First Deputy Director of the Economic Research Institute of the Ministry of National Economy of Kazakhstan Asset Irgaliyev at the CCS media briefing.

"Trends of development of the world economy show that the models of the economic growth of the recent decade, which were based on the public demand and prices for oil, will not enough. Instead, the private sector will have to become a self-sustaining locomotive of the economic growth and creation of jobs. This means that activation of structural reforms, especially in the sphere of improvement of the business climate, increase of the effectiveness of the public management and improvement of the quality of the education, will be needed. This is all important for the private sector to develop and become a locomotive of the economic growth," A. Irgaliyev said.

He also reminded that the countries where the economic models were based on the public demand in a long-term were unstable. Therefore, it is necessary to create conditions for development of the private sector.