Kazakhstan has experienced a significant growth in its GDP during the past five years: 2000 - 9.8%, 2001 – 13.5%, 2002 – 9.8%, 2003 – 9.3%, 2004 – 9.4%. Economic progress during the first decade of Kazakhstan’s independence was made possible as a result of large-scale political and economic reforms and a healthy investment climate.

 

In 2002, Kazakhstan was the first CIS country to reach investment grade status seeing the country’s bond rating upgraded by Moody's to Baa3, similar to Saudi Arabia, Bahrain and Mexico. By late 2004 an additional Moody’s upgrade was achieved to Ba1/NP (Positive), followed in May 2004 with a Standard & Poor’s upgrading of its long-term local and foreign currency ratings to BBB/BBB- and a short-term foreign currency rating to A-3 (Stable).