Kazakhstan, the world's largest landlocked country, boasts the ninth largest territory globally and a population of just over 20 million, resulting in one of the lowest population densities at 7.4 people per square kilometer. It shares borders with Russia, China, and other Central Asian economies and is a crucial part of the Middle Corridor, linking Chinese and European markets via Central Asia and the South Caucasus.

The first wave of market transition reforms in the 1990s, coupled with new investments in the oil and gas industry, elevated Kazakhstan to an upper middle-income country. However, the transition to a market-based economy remains incomplete.

The economy is heavily reliant on non-renewable natural resources such as oil, gas, uranium, coal, and gold. Despite substantial natural resources, Kazakhstan faces challenges of low and stagnant productivity and the dominance of extractive industries, which hinder economic diversification and growth.

Kazakhstan aims to double its economy by 2030 from 2023 levels, focusing on accelerating growth. To achieve this, the country must reduce state intervention, foster competition, invest in infrastructure and human capital, and advance decarbonization efforts. These measures are essential to enhance competitiveness and address the long-term challenges posed by global decarbonization efforts.