EBRD forecasts Kazakhstan’s economic growth in 2018
Baku, Azerbaijan, Feb. 27
By Ali Mustafayev – Trend:
Favorable environment of the international economy will serve to increase the growth rate of the economy of Kazakhstan in 2018, Associate Director, Regional Lead Economist of the European Bank for Reconstruction and Development Hans Holzhacker said at EBRD Transition Report 2018-19 in Astana on Feb. 27.
He added that the international forecasts are quite favorable, and that the most of the countries should expect economic growth, including European countries and China.
“Oil prices will remain in the corridor of over $60 per barrel. It is a fairly favorable international environment, and the bank believes that this will result in increased growth rates of Kazakhstan's economy, in particular, 3.5-4 percent increase of real GDP,” Holzhacker said, Kazakh media outlets reported.
The EBRD also forecasts the growth of exports and investments in the Kazakh economy.
"Higher exports, higher investments, real incomes should also grow and maintain private consumption. Another factor is fiscal restraint and increase of imports. It is a typical picture when the economy starts growing after some slowdown," the EBRD associate director said.
The bank also predicts a slight decline in inflation.
Holtshacker added that inflation will be within the corridor set by the National Bank. However, according to him, it will not decline much due to the recovery of private consumption and demand of individuals, which is maintained by high oil prices.