ASTANA, Kazakhstan, May 16. The European Bank for Reconstruction and Development (EBRD) has revised its GDP growth forecast for Kazakhstan in 2024–2025, Trend reports.
Thus, in 2024, according to the bank’s forecasts, Kazakhstan’s GDP growth will be 4.5 percent, which is 0.5 percent less than the September 2023 forecast.
As the bank noted, downside risks to the outlook relate to severe floods hitting Kazakhstan’s regions in late March–April 2024. While elevated government spending will soften their negative impact on aggregate demand, the floods’ full impact is yet to be felt.
In addition, in 2025, bank analysts expect growth to accelerate to 5 percent. In their opinion, the acceleration of growth will be associated with an increase in oil production and potential privatizations.
Meanwhile, Kazakhstan's Ministry of National Economy expects GDP growth to be 5.3 percent in 2024 and 6 percent in 2025 and 2026.
Furthermore, Kazakhstan's economic growth amounted to 5.1 percent in 2023. Last year, the volume of investments in fixed capital increased by 13.7 percent and amounted to $39.5 billion, while over the first nine months of 2023, $19.7 billion of foreign direct investment was attracted.