Azerbaijan, Baku, Oct. 29 / Trend A.Yusifzade /
The Kazakh economy is expected to grow by 6 percent this year and by 5 percent in 2011, the European Bank for Reconstruction and Development (EBRD) reported in its regional macro-economic outlook.
In July forecasts, the EBRD predicted economic growth of Kazakhstan at 4 percent in 2010 and 5.3 percent in 2011. The bank projected real GDP growth at 6 percent in 2010 and 5 percent in 2011.
According to the bank, real GDP growth amounted to 1.2 percent in 2009.
"Medium-term prospects for Kazakhstan remain good. The large Kashagan oilfield is expected to start production in 2013 and there is also potential for expanding uranium, copper and grain production," the report says.
EBRD will assist Kazakhstan promote economic diversification and move towards a more sustainable model of financial development.
To date, the EBRD has committed to allocate 2.8 billion euros to finance projects in various sectors of the Kazak economy, which allowed to mobilize an additional investment amounting to over 7 billion euros.
The International Monetary Fund forecasts economic growth of Kazakhstan in 2010 and 2011 at 4 and 6 percent, respectively.
The country's inflation is expected to amount to 7.6 percent in 2010 and 6.6 percent in 2011. IMF forecasts the nominal GDP in Kazakhstan in the amount of $129.8 billion in 2010 and $147.6 billion -in 2011.
The EBRD predicts overall growth in the EBRD region (Emerging Europe)of 4.2 percent 2010 and 4.1 percent in 2011, compared with a July prediction of 3.5 and 3.9 percent, respectively. The region as a whole contracted by 5.5 percent last year.
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