Country risk rating


HIGH RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD8.1bn (World ranking 145, World Bank 2018)
Population 6.32mn (World ranking 111, World Bank 2018)
Form of state Parliamentary Republic
Head of government Muhammadkaliy ABYLGAZIEV (Prime Minister)
Next elections 2020, legislative
  • Rich in mineral resources
  • Membership of Eurasian Economic Union
  • Strategic location between CIS and Asia, with strong business interest from China, including the construction of transit links
  • Poor economic diversification; high dependence on gold mining in a few mining places as well as on global gold prices
  • Dependence on remittances from Russia
  • Exchange rate vulnerability to external shocks, potentially causing inflation volatility
  • Elevated public debt levels
  • History of large annual current account deficits
  • Very high external debt in relation to GDP
  • Weak business environment, especially with regard to rule of law and perceived corruption


Contact Euler Hermes

Economic Research Team