Kazakhstan black economy reaches 30%

Yukha Kakhonen, deputy head of the department for the Middle East and Central Asia of the International monetary Fund, said in Alma-Ata at a presentation of a report on regional development of Caucasus and Central Asia that the level of black economy in Kazakhstan totaled 30%, Armenia 35%, Uzbekistan 15%.

Half of black economy in Kazakhstan and Azerbaijan was caused by poor justice system and bureaucracy procedures. Low clarity and purpose loans were the secondary factors.

The official mentioned poor pension payments as another risk for the region. About 65% of Kazakh employees make no pension payments to the budget.