BAKU, Azerbaijan, Feb. 16
By Nargiz Sadikhova - Trend:
The largest impact of the COVID-19 pandemic in Kazakhstan was in the trade sector through the depreciation of the USD/KZT nominal exchange rate, the ‘Study of the COVID-19 Impact on the Economy of Kazakhstan’ reports of Asian Development Bank (ADB) said, Trend reports citing the ADB.
The ADB said it is assumed that the book value of fixed assets in the trading sector in 2020 will increase by 7 percent, which is lower than in 2019.
“The slowdown in the growth rate of the book value of fixed assets is associated with a decrease in investments in fixed assets in this sector. The growth rate of the number of employed in 2020 will remain at the 2019 level of 2 percent,” the report said.
ADB explained this is due to the premise that despite the restriction of trading platform activities, the intensification of online trading will ensure an influx of self-employed people into this area. In 2021, a sharp increase in the growth rate of employment in the trade sector is expected to reach 9.5 percent due to the inflow of self-employed from other sectors of the economy.
“In particular, the transfer of some workers to remote work, which may remain in 2021, will allow them the opportunity to additionally engage in online trading as self-employed. In 2021 percent due to the delayed impact of the decrease in investments of the previous year,” the report said.
However, the fall in the value of fixed assets is not expected due to the State Trade Development Program 2021–2025,” the report said.
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