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Kazakh President Nazarbayev Warns That 'Real Crisis' Is Coming

  • Nazarbayev says crisis to be stronger than in 2007-2009
  • President says jobs cuts are possible as profits fall
Kazakh President Nursultan Nazarbayev.

Kazakh President Nursultan Nazarbayev.

Photographer: Lintao Zhang/Getty Images

Kazakh President Nursultan Nazarbayev, who has ruled Central Asia’s biggest energy producer for a quarter of a century, warned the government to prepare for economic pain, saying a “real crisis is coming.”

Improvement is “impossible to forecast” for the near term, and the population may be hurt worse than in 2007-2009, Nazarbayev told Prime Minister Karim Massimov. Budget revenue has dropped 40 percent after oil prices collapsed, he said, according to a statement on his website Monday.