BAKU, Azerbaijan, December 16. Asian Development Bank (ADB) expects the economy of Kazakhstan to grow by 3 percent in 2022, with a further increase of 3.7 percent to be recorded in 2023, Trend reports, citing the Asian Development Outlook Supplement.
According to the ADB-issued Supplement, despite the close relations with Russia, the Kazakh economy grew by 2.8 percent in the first 3 quarters of 2022.
“Continuing repairs to the Caspian Pipeline Consortium oil export route through the Russian Federation restricted petroleum exports. As of early November 2022, the consortium was operating at a reduced capacity of 60 percent. Accordingly, this Supplement refrains from upwardly adjusting Update growth projections of 3 percent for 2022 and 3.7 percent for 2023,” the document says.
The Bank also expects the inflation rate to be around 14 percent level by the end of 2022. However, inflation is expected to subside to 8.2 percent in 2023.