BAKU, Azerbaijan, June 30. Transition to a new economic model is a strategic task of special importance for Kazakhstan, the press service of the President of Kazakhstan reported.
President Kassym-Jomart Tokayev made the remarks during the final joint session of the chambers of Kazakhstan’s Parliament.
“To address this task promptly, it is necessary to develop new approaches and new positions. It is obvious that previous methods of work will not be effective,” Tokayev said.
He noted that the global and international situation continues to deteriorate year by year.
“We face numerous conflicts and challenges. Nevertheless, we pursue a balanced policy and move forward with confidence. We will continue to follow this course,” Tokayev said.
The president noted that Kazakhstan’s economy grew by 6.5 percent last year, which he described as a strong result against the backdrop of global economic trends.
According to Tokayev, Kazakhstan’s GDP exceeded $300 billion for the first time in history, while GDP per capita has increased by one and a half times since 2019 to reach $15,000, one of the highest figures among CIS countries.
“We have managed to slow inflation: over the first five months of this year it declined to 10.4 percent. But it is necessary to continue efforts to reduce this figure. Stability of the country’s financial system has been ensured. The national currency remains reliably protected from external risks,” the president said.
Tokayev added that the most pressing issue at present is the National Bank’s base interest rate and stressed that this issue requires a balanced approach.
“The new Budget and Tax Codes adopted by you have fully reset the entire economic system and changed the approaches to public finance management. Thus, the foundation has been laid for the formation of a new model of Kazakhstan’s economy,” he said.
