Mr Nazarbayev likes to act the elder father figure during times of economic and political strife in Kazakhstan and with oil prices at a 12- year-low, government spending being cut and inflation rising, Mr Nazarbayev clearly thought it was time to calm the increasingly jittering nerves of his countrymen.

“We have been living with $30 per barrel oil for half a year now and nothing has happened. We will overcome (this) and maybe we should get used to this, I think it has come here to stay,” he told the 2,000 assembled delegates.

Kazakh officials know that they are treading a thin line and are eager to head off any sign of discontent.

In Azerbaijan, unease at the economic malaise triggered several clashes between protesters and police in regional towns last month but in Kazakhstan, the authorities have been able to dampen public frustration.

Judging the public mood — when to be firm and when to be conciliatory — is a key skill during this time of economic hardship and one that Mr Nazarbayev has previously shown that he is adept at.

Last month, Mr Nazarbayev called a parliamentary election for March, 18 months early. Analysts said that this had been arranged so that Mr Nazarbayev and his officials could hold an election now, before the economic situation worsened further.

At the Nur Otan conference, though, Mr Nazarbayev avoided mention of the election and instead told Kazakhs that the government was working hard to look after them.

“We support our working population through implementation of the Employment Roadmap-2020 Program. There is no place for unemployment in Kazakhstan. We have all resources in place to avoid it,” he said.

Official unemployment figures in Kazakhstan are considered unreliable. Correspondents in Kazakhstan, though, and reports from various regional towns suggest that people are losing their jobs.