Fitch forecasts at least 5 percent GDP growth in Kazakhstan in 2012
Azerbaijan, Baku, May 15 / Trend E. Kosolapova/
International rating agency Fitch Ratings forecasts that Kazakhstan's economy will grow by 5 percent or more in 2012, Novosti-Kazakhstan quoted the director of Fitch's ratings analytic group on European developing countries Charles Seville.
"We forecast the growth of Kazakhstan's economy at 5 percent level in 2012. It can be of course higher, but mining industry is not growing very fast," Seville said on Tuesday in Almaty at the Fitch's Sixth Annual Conference on Kazakhstan.
Earlier, the Kazakh government and Kazakh National Bank forecasted real GDP at 6-7 percent level. According to the International Monetary Fund, growth of Kazakhstan's economy will hit 6 percent in 2012.
According to Fitch, the economic growth of Kazakhstan in the medium term will result from the increase in the mining sector production of the country. In particular, Seville reminded about launching the oil production at the Kashagan oil field and planning significant increase in copper production by 2015-2016.
Moreover, realizing the infrastructure projects will increase the volume of trade with the neighboring countries, Seville said.
Meanwhile, Fitch urges Kazakhstan to develop non-oil segment of the economy.
"Kazakhstan should try to decrease dependence on oil revenues. Non-oil deficit rose from 3 to 8 percent of GDP, and in case of any shock events in oil sector, the country can spend its recourses in a very short time," Seville said.