ADB revises Kazakhstan’s growth outlook at 3.6% in ’24
The Asian Development Bank (ADB) has slightly lowered its economic growth forecast for Kazakhstan in 2024 to 3.6 per cent due to weaker services, lower oil production, floods, and investment slowdown.
The Asian Development Outlook (ADO) September 2024 report showed a GDP growth forecast of 5.1 per cent for Kazakhstan in 2025.
In the first half of 2024, tax revenue fell due to lower oil duty and value added tax receipts compared to the previous year.
To compensate, the government used a significant portion of planned annual transfers from the National Fund of the Republic of Kazakhstan (NFRK), leading to the appreciation of the national currency.
ADB Country Director for Kazakhstan, Utsav Kumar, emphasised the need to address fiscal challenges to ensure sustainable and inclusive economic growth in the medium term.
Average inflation slowed to 8.9 per cent in the first seven months of 2024, down from 17.2 per cent last year. Inflation is projected to further decelerate to 6.1 per cent in 2025, supported by tight monetary policy and a stable exchange rate.
Attribution: Asian Development Bank report
