"Like in many other countries, Kazakhstan's economic growth has slowed since the global financial crisis. Strong growth before the crisis--10.2 percent on average from 2000 to 2007--was facilitated by high oil and natural gas prices and a surge in capital inflows, credit, consumption, and investment. As commodity prices weakened with the end of the commodity super cycle, capital flows and investment fell and growth slowed substantially to 4.4 percent on average from 2010 to 2018. While the slowdown reflected weaknesses in expanding labor and capital, the most striking reduction was in productivity growth. Productivity grew at a modest pace of 1 percent, on average, during 2000 through 2007 before slowing to nil since the crisis. In more recent years, total factor productivity (TFP) growth has started to bounce back, albeit at a modest pace, possibly driven by the recovery in commodity prices. Between 2015 and 2018, TFP grew by 1.1 percent in the manufacturing sector and 0.4 percent in the services sector. Whi
