IMF predicts - Kazakhstan's economy to grow by more than 4%

63 views Economy 0

Head of the International Monetary Fund (IMF) mission in Kazakhstan, Nicolas Blanché, outlined the key economic growth indicators for Kazakhstan during a press conference on November 21, 2023, which will be included in the final IMF report, reports.

Nicolas Blanché, Head of the IMF mission in Kazakhstan, believes that economic growth in Kazakhstan was quite resilient in 2023.

"We forecast that economic growth will be 4.8% for the year as a whole. This is supported by the performance of both the oil and non-oil sectors of the economy. Additionally, it should be noted that the secondary effects of the war in Ukraine have had only limited impact. Inflation is decreasing; in February, it peaked at 21%, and now it is less than 11%. That is, it will slightly exceed the projected inflation at the end of the year," Blanché asserts.

According to the IMF forecasts, the pace of economic growth in Kazakhstan in the following year, 2024, will be more moderate, within the range of 3-3.5%.

"The figures will be lower than this year. One of the main reasons is the reduction in oil production volumes due to delays in the implementation of the Tengiz field expansion project," said the head of the IMF mission in Kazakhstan.

In addition, Blanché outlined the main risks for the Kazakh economy:

  • Reduction in oil production volumes,
  • Global conditions and the conditions of trading partners will have a significant impact, affecting the opportunities for oil exports,
  • The secondary effects of the war in Ukraine and the sanctions factor could prove to be more potent.

Earlier, the head of the IMF mission met with the Prime Minister of Kazakhstan and expressed the opinion that Kazakhstan has sufficient strength and potential for significant economic growth.

November 21, 2023