The Asian Development Bank (ADB)
has maintained Kazakhstan’s economic growth forecast for 2024 and 2025 at 3.8
percent and 5.3 percent, respectively. According to the ADB’s outlook, the
growth prospects for the country, as the largest economy in Central Asia,
remain unchanged. ADB experts note that in the first quarter of 2024, the
Kazakh economy grew by 3.7 percent, primarily driven by the construction,
manufacturing, and service sectors. This year, construction and manufacturing
are projected to remain key drivers of economic growth. Mining is also expected
to make a significant contribution to the medium-term growth of the national
economy after the completion of the Tengiz oil field expansion project in the
second quarter of 2025. Inflation forecasts remain unchanged, with expectations
for it to gradually decrease to 8.7 percent in 2024 and 6.3 percent in 2025.
The ADB has published a general economic growth forecast for developing
countries of the Asia-Pacific region in the latest edition of Asian Development
Outlook 2024.
