Kazakhstan Reports 77% Earn Below Average Wage Amid Credit Reliance
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Kazakhstan reveals that 77% of its citizens earn less than the average wage of 473,000 tenge. This income shortfall is largely supplemented by credit, which may soon become harder to obtain. The situation arises even as the country faces a potential second wave of slowed consumer credit growth.
Wage Disparity
The majority of Kazakhstan's workforce, 77%, earns below the national average wage of 473,000 tenge. This statistic highlights a significant income disparity within the country. The reliance on credit to supplement income is widespread, according to economist Askar Kysykov from the Talap Center for Applied Research.
Credit Market Challenges
Kazakhstan's credit market is bracing for tighter conditions as obtaining loans may become more difficult by May. This anticipated shift follows a period of heavy reliance on consumer credit to maintain living standards. The potential tightening of credit conditions could exacerbate economic challenges for many citizens.
What's Next
The National Bank of Kazakhstan is expected to review credit policies in the coming months. It remains uncertain how these changes will impact consumer spending and economic growth.
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Kazakhstan Reports 77% Earn Below Average Wage Amid Credit Reliance
