Kazakhstan’s economic growth will accelerate. According to the Asian Development Bank’s forecast, the country’s GDP will rise to 3.7 percent in 2023 and slightly over four percent in 2024, which will happen due to the recovery of the industry, services and the growth of domestic demand.
“Service sector growth is projected at 3.4 percent in 2023 and 3.9 percent in 2024 through the development of transport, trade, hospitality and the promotion of increased trade turnover between Europe and Asia. According to our forecast, industry growth will amount to 4.7 percent in 2023 due to the strong external demand for primary products. As for demand, we expect a 1.6 percent recovery in consumption growth in 2023 and 2.2 percent in 2024, as lower inflation leads to higher real incomes and increased government expenses on social support,” Nariman Mannapbekov, ADB Country Director for Kazakhstan, said.
ADB analysts forecasted that an increase in prices for major export goods will also help maintain business activity and stimulate investment into the country. Besides, they expect a gradual decline in inflation to slightly more than six percent in 2024, stating that it is a predictable result of the restrictions imposed by the Kazakh government on export of basic food products and gasoline price control. It should be reminded that Kazakhstan has been actively cooperating with the ADB since 1994, and has received over US$6 billion through sovereign and non-sovereign loans, grants and technical assistance for projects in various sectors.
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