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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">asu</journal-id><journal-title-group><journal-title xml:lang="ru">Вестник Атырауского университета имени Халела Досмухамедова</journal-title><trans-title-group xml:lang="en"><trans-title>Bulletin of the Khalel Dosmukhamedov Atyrau University</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2077-0197</issn><issn pub-type="epub">2790-332X</issn><publisher><publisher-name>Атырауский университет имени Халела Досмухамедова</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.47649/vau.25.v79.i4.26</article-id><article-id custom-type="elpub" pub-id-type="custom">asu-2524</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ЭКОНОМИКА</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>ECONOMICS</subject></subj-group></article-categories><title-group><article-title>ФИНАНСОВАЯ ПОДДЕРЖКА УСТОЙЧИВОГО ЭКОНОМИЧЕСКОГО РАЗВИТИЯ КАЗАХСТАНА</article-title><trans-title-group xml:lang="en"><trans-title>FINANCIAL SUPPORT FOR SUSTAINABLE ECONOMIC DEVELOPMENT OF KAZAKHSTAN</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-0510-092X</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Калманова</surname><given-names>Н.</given-names></name><name name-style="western" xml:lang="en"><surname>Kalmanova</surname><given-names>N.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Набира Калманова – стажер-исследователь,</p><p>Урбана Шампейн</p></bio><bio xml:lang="en"><p>Nabira Kalmanova - Research Intern, University of Illinois at Urbana-Champaign,</p><p>506 S Wright St, Urbana, IL 61801, Urbana-Champaign</p></bio><email xlink:type="simple">nabi241174@mail.ru</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0001-7841-2572</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Тлеубердиева</surname><given-names>С. С.</given-names></name><name name-style="western" xml:lang="en"><surname>Tleuberdiyeva</surname><given-names>S. S.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Салтанат Сулеймановна Тлеубердиева – стажер-исследователь,</p><p>Урбана Шампейн</p></bio><bio xml:lang="en"><p>Saltanat Suleymanovna Tleuberdiyeva - Research Intern, University of Illinois at UrbanaChampaign,</p><p>506 S Wright St, Urbana, IL 61801, Urbana-Champaign</p></bio><email xlink:type="simple">tleuberdieva@yandex.ru</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-2449-301X</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Абишева</surname><given-names>Д. Д.</given-names></name><name name-style="western" xml:lang="en"><surname>Abisheva</surname><given-names>D. D.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Динара Даирхановна Абишева – стажер-исследователь,</p><p>Урбана Шампейн</p></bio><bio xml:lang="en"><p>Dinara Dairkhanovna Abisheva – Research Intern, University of Illinois at Urbana-Champaign,</p><p>506 S Wright St, Urbana, IL 61801, Urbana-Champaign</p></bio><email xlink:type="simple">dinaabi@yandex.kz</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-4776-6447</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Parente</surname><given-names>S. L.</given-names></name><name name-style="western" xml:lang="en"><surname>Parente</surname><given-names>S. L.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Stephen Lawrence Parente – PhD, доцент, департамент экономики,</p><p>Урбана Шампейн</p></bio><bio xml:lang="en"><p>Stephen Lawrence Parente - PhD, Associate professor, Department of Economics,</p><p>Urbana-Champaign</p></bio><email xlink:type="simple">parente@illinois.edu</email><xref ref-type="aff" rid="aff-2"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru">Иллинойский университет в Урбана Шампейн<country>Соединённые Штаты Америки</country></aff><aff xml:lang="en">University of Illinois at Urbana-Champaign<country>United States</country></aff></aff-alternatives><aff-alternatives id="aff-2"><aff xml:lang="ru">Иллинойский университет в Урбана Шампейн<country>Соединённые Штаты Америки</country></aff><aff xml:lang="en">University of Illinois<country>United States</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2025</year></pub-date><pub-date pub-type="epub"><day>21</day><month>02</month><year>2026</year></pub-date><volume>79</volume><issue>4</issue><fpage>292</fpage><lpage>299</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Калманова Н., Тлеубердиева С.С., Абишева Д.Д., Parente S.L., 2026</copyright-statement><copyright-year>2026</copyright-year><copyright-holder xml:lang="ru">Калманова Н., Тлеубердиева С.С., Абишева Д.Д., Parente S.L.</copyright-holder><copyright-holder xml:lang="en">Kalmanova N., Tleuberdiyeva S.S., Abisheva D.D., Parente S.L.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://asu.ejournal.kz/jour/article/view/2524">https://asu.ejournal.kz/jour/article/view/2524</self-uri><abstract><p>В статье рассматривается роль финансовой поддержки и инвестиций в достижении устойчивого экономического развития Казахстана. Цель статьи - на основе комплексного анализа динамики инвестиционных процессов и финансовой инфраструктуры Казахстана за 2000–2023 гг. выявить структурные дисбалансы и факторы, сдерживающие рост производительности, а также обосновать стратегические направления инвестирования в аграрный сектор, инновации и «зелёные» финансы для обеспечения устойчивого экономического развития страны. С использованием статистических данных и политических документов был проведён описательный и сравнительный анализ тенденций за период 2000–2023 гг.; анализ выявил структурный дисбаланс инвестиций в пользу добывающего сектора. Проведённый факторный анализ показал ключевые внутренние и внешние факторы, влияющие на производительность, включая финансовую инфраструктуру, технологическую модернизацию, человеческий капитал и качество государственного управления. Особое внимание уделено неэффективности использования инвестиций в основной капитал сельского хозяйства и ограниченному участию коммерческих банков в долгосрочном кредитовании. Результаты исследования показывают, что недостаточная координация инвестиционной политики, высокий уровень износа основных фондов и слабая институциональная поддержка сдерживают рост производительности, тем самым замедляя устойчивое развитие. Автор приходит к выводу, что целевые инвестиции в сельское хозяйство, инновации и «зелёные» финансы в сочетании с укреплением институциональных основ способны смягчить внешние шоки, повысить производительность и обеспечить сбалансированный экономический рост Казахстана.</p></abstract><trans-abstract xml:lang="en"><p>This article examines the role of financial support and investment in achieving sustainable economic development in Kazakhstan. The purpose of the article is to identify structural imbalances and factors hindering productivity growth based on a comprehensive analysis of investment processes and financial infrastructure trends in Kazakhstan from 2000 to 2023, and to substantiate strategic investment priorities in agriculture, innovation, and "green" finance to ensure the country's sustainable economic development. Using statistical data and policy documents, a descriptive and comparative analysis of trends over the period 2000–2023 was conducted, revealing a structural imbalance in investment toward the extractive sector. Factor analysis also allowed for the classification of internal and external determinants of productivity. The study identifies key internal and external factors influencing productivity, including financial infrastructure, technological modernization, human capital, and governance quality. Particular attention is given to inefficiencies in agricultural fixed capital investments and the limited participation of commercial banks in long-term lending. The findings reveal that insufficient coordination of investment policy, depreciation of fixed assets, and weak institutional support constrain productivity growth, thereby slowing sustainable development. The paper argues that targeted investment in agriculture, innovation, and green finance, combined with stronger institutional frameworks, can mitigate external shocks, increase productivity, and support balanced economic growth in Kazakhstan.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>Казахстан</kwd><kwd>устойчивое развитие</kwd><kwd>финансовая поддержка</kwd><kwd>инвестиционная политика</kwd><kwd>производительность</kwd><kwd>сельское хозяйство</kwd><kwd>институциональная среда</kwd><kwd>экономический рост</kwd></kwd-group><kwd-group xml:lang="en"><kwd>Kazakhstan</kwd><kwd>sustainable development</kwd><kwd>financial support</kwd><kwd>investment policy</kwd><kwd>productivity</kwd><kwd>institutional framework</kwd><kwd>economic growth</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Lewis, W. W. The power of productivity. University of Chicago Press. 2004. 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