BAKU, Azerbaijan, Jun. 25
By Nargiz Sadikhova - Trend:
Kazakhstan’s GDP is expected to drop below zero top negative 2.7 percent in 2020, Trend reports with reference to International Monetary Fund’s (IMF) World Economic Outlook, June 2020 Update.
Thus, compared to the April’s IMF report, Kazakhstan’s GDP forecast decreased by 0.2 percent from negative 2.5 percent in 2020.
Kazakhstan’s economic growth is forecast to be somewhat restored in 2021 as the GDP growth is projected to be 3 percent in 2021, which however is 1.1 percent less than in the April’s World Economic Outlook report.
In turn, global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast.
“The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. In 2021 global growth is projected at 5.4 percent,” the IMF said.
Kazakhstan’s Prime Minister Askar Mamin said on Jun. 22 that Kazakhstan’s GDP has decreased by 1.7 percent over the course of first five months of 2020.
He noted that the highest economy growth of Kazakhstan in last six years was recorded in 2019 when Kazakh GDP increased by 4.5 percent. At the same time, 85 percent of the overall economy growth accounted for development of non-commodity economy sectors.
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