The Kazakh government projects that the economic growth in 2024 will be at a minimum of 5.3%. The government is steadfast in implementing the tasks outlined by the head of state in the election programme and messages to the people of Kazakhstan. This is expected to lay a robust foundation for a two-fold increase in GDP by 2029.
Economic growth in 2023
By the end of 2023, Kazakhstan’s economy experienced a growth of 5.1%. The government of the country anticipates this upward trend to persist in the forthcoming 12 months.
Diversification and development plans
The Kazakh authorities have specified their plans to continue work on diversifying the economy, developing entrepreneurship, attracting investments, and enhancing the well-being of the country’s inhabitants.
Inflation rates and goals
Foreign trade and investment
Last year, Kazakhstan’s foreign trade turnover saw an increase of 2.2%, amounting to $126bn. Investment in fixed assets also witnessed a rise, increasing by 13.7%.
AERC’s economic projections
Earlier, Daryo reported that The Applied Economic Research Center (AERC) projects a 4.5% growth in Kazakhstan’s economy in 2024. However, this forecast is accompanied by an expectation of deteriorating budget parameters and a slowdown in inflation reduction.
Regarding the fiscal balance, which represents the difference between the budget’s revenue and expenditures as a percentage of the GDP, the AERC forecasts the rate at 5.7% of the GDP or $14.2bn. Meanwhile, the budget deficit is expected to be $14bn, equivalent to 5.5% of the GDP.
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