Kazakhstan's GDP per capita is expected to grow by 13.7% this year (the same as in 2023) and by 30% by 2030, according to the agency analysts. However, according to Halyk Finance, this expansion will not likely improve the population's well-being or the nation's productivity because it will mostly come from the commodities sector.
Kazakhstan closed the gap with Russia in terms of GDP per capita, which reached $14,400 in 2024. This number is impressive compared with other Central Asian countries. For example, it is 11.3 times greater than Tajikistan’s rate ($1,270), 7.5 times that of Kyrgyzstan ($1,930), and 5.3 times that of Uzbekistan ($2,710), as per a survey conducted by INFOLine.
Kazakhstan has the fourth-highest GDP growth rate. Armenia leads with 8.7%, followed by Kyrgyzstan (6.2%), Uzbekistan (6%), Kazakhstan (5.1%), Belarus (3.9%), and Russia (3.6%).
Despite the overall economic growth, 2023 was a challenging year for several EEU members as they battled budget deficits: -2.3% of GDP in Kyrgyzstan, -2.9% in Kazakhstan, and -2.3% in Russia. These nations may experience comparable problems in 2024, calling for tax rises, stricter fiscal policies, and reductions in development initiatives.
The national currency of Kazakhstan experienced no change in value from the previous year, whereas the currencies of Tajikistan, Uzbekistan, and Kyrgyzstan all saw an 8% decline. According to experts, this is due to a decline in the amount of money transfers coming from Russia.
President Kassym-Jomart Tokayev directed the cabinet instructions in February 2024 to guarantee a 6% yearly GDP growth rate or above. Later, the Ministry of the National Economy declared that this goal could be met since the building, transportation, processing, and agricultural sectors could all significantly boost GDP.
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