Abstract
This study aims to analyze the structural vulnerabilities caused by Kazakhstan's natural resource-based economic structure and to identify transformation requirements for sustainable development. The research conducted a literature review based on secondary data and utilized SWOT and PEST analyses to assess the country's internal and external dynamics. The findings demonstrate that Kazakhstan's economic growth is largely dependent on oil and natural gas revenues, leading to fundamental problems such as a lack of economic diversification, inadequate institutional capacity, and high vulnerability to external shocks. Theoretically, consistent with the natural resource curse, the Dutch disease, and the linkage theory, Kazakhstan has achieved limited success in transforming its natural resource wealth into sustainable development. Comparisons with the examples of Norway, Canada, and Botswana reveal that successful countries have transformed resource dependency into an opportunity through strong institutional structures, transparent revenue management, and economic diversification. For Kazakhstan, institutional reforms, human capital investments, and green economy strategies are highlighted as priority policy areas. Based on the data provided by SWOT and PEST analyses, the research systematically examines the main threats and potential opportunities Kazakhstan faces on its path to sustainable development. The results point to the need for multidimensional policy interventions to transform natural resource wealth into a development advantage. In this context, recommendations are presented as strategic roadmaps for policymakers and academia.