Abstract:

One of the complex problems of economic science is the study of the relationship between economic growth and the functioning mechanism of the labor market. In most studies, it is customary to emphasize the determining impact of the economy on employment and unemployment. Meanwhile, in my opinion, we shouldn`t underestimate the significance of the bilateral causal relationship between them. The practice of Kazakhstan also convinces the importance of studying the reverse impact of the labor market on economic growth. High rates of economic growth during the favorable period in the oil market in the early 2000s made it possible to meet the basic human needs much better. But economic growth has become unstable in the context of the recent changes in the oil market conditions. A natural response to the two crises experienced over the past decade has been the search for a new model of economic growth. This growth would be view modernizing the labor market as a driver of economic growth among other important measures.