KAZAKHSTAN…

Official agencies report that recession that began with Russia’s August, 1998, devaluation is coming to an end. Gross domestic product in July was up 4.7 percent over year-ago levels, and positive growth for the second half of 1999 seems certain. The exchange rate has steadied and inflation has slowed, allowing the National Bank to permit some expansion in the money supply, which should bring down interest rates. With Russia also reporting economic growth, Ukraine is the only large post-Soviet economy still in recession.