Kazakhstan's GDP will grow by 4.4 percent in 2024 and 2025, according to an upgraded forecast by the Eurasian Development Bank. The analysts predict that this growth will be driven by state initiatives to diversify the economy, planned investments, as well as the expansion of production capacity. The international financial institution specified that these measures will compensate for the negative effects of the projected decline in oil prices. It bears noting that the full commissioning of the upgraded facilities at Tengiz oil and gas field slated for 2024 will serve as the foundation for economic growth. The relaxation of monetary controls will boost lending and economic activity. Exports are also expected to rise as the global economy emerges from recession. In addition, the EDB anticipates a slowdown in the country’s inflation.
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