International credit rating agency Fitch Ratings has affirmed Kazakhstan's sovereign credit rating at ‘BBB’. According to the agency, increase in oil production with the launch of the Tengiz future growth project will also boost the country’s economy. Thus, Kazakhstan’s GDP is projected to increase by 4.5 percent in 2023 and by 4.8 percent in 2024. Fitch Ratings also positively assesses the new fiscal rule, which limits the growth of public spending and the volume of guaranteed transfers from the National Fund. This will keep fiscal policy counter-cyclical, according to analysts.
