WB lowers forecast for Kazakhstan’s GDP growth
Baku, Azerbaijan, June 9
By Elena Kosolapova - Trend:
The World Bank (WB) has lowered the forecast for Kazakhstan's GDP growth from 1.2 percent in 2015 to 0.1 percent in 2016, according to the Global Economic Prospects, June 2016 of the WB.
The WB forecasts Kazakhstan's GDP growth to recover to 1.9 percent in 2017 and to 3.7 percent in 2018.
The forecast for 2016 and 2017 was lowered by 1 percent and 1.4 percent, respectively, while the forecast for 2018 was increased to 0.3 percent as compared to the previous forecast of the WB published in January.
Lower oil prices continue to put pressure on Kazakhstan and other oil exporters, said the WB.
Moreover, the economic recession in Russia and economic slowdown in China are among the negative factors affecting Kazakhstan.
Kazakhstan's GDP growth stood at 4.1 percent in 2014 and 5.8 percent in 2013, according to the World Bank.
Follow the author on Twitter: @E_Kosolapova