The hardest year for Kazakhstan will be year 2009. However, as early as in 2010 the economic situation, including in the extractive sector (a growth in oil output), will improve and GDP will grow by 2%-3%.

Despite relatively small volumes and number of bonds on the Kazakh Stock Exchange (KASE), some Kazakh issuers have failed to pay their debts off on time in 2008.

The borrowings of enterprises of the real sector of the economy, like debts of commercial banks, have been serious concern for a long time. Corporate bonds, like those issued by banks, stood at $21bn of the total $41.6bn last October in Kazakhstan.