Recent events in Minsk signal that political change has started in Belarus (see our separately published reports covering political and macro-economic analysis). While the timing is uncertain, what is clear is that political changes will also lead to policy changes and, very likely, a greater openness to foreign investors.
The value of the Kazakh e-commerce market grew 80% YoY in 2019, to reach US$1.6 billion. Most online companies have reported stronger growth in 1H20 because of the lockdown. Over the first four months of 2020, Kaspi saw orders on its marketplace platform rise 103% to a record KZT69 billion (US$172 million).
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