CEBR forecast on Kazakhstan's GDP encouraging in long run

Business Materials 27 December 2018 14:56 (UTC +04:00)

Baku, Azerbaijan, Dec. 27

By Rashid Shirinov – Trend:

Kazakhstan’s GDP growth will decelerate to 3.1 percent in 2019, picking up only slowly to 3.3 percent by 2022, Trend reports citing the World Economic League Table 2019 (WELT) of the Centre for Economics and Business Research (CEBR).

“In the long run, the country has a higher growth potential of around 4.6 percent,” said WELT.

The report noted that the growth outlook remains clouded by the economic problems of Russia and especially China, which is battling a downturn.

“Oil prices remain volatile with the US playing a greater role due to its shale production capacities,” said WELT.

The report also said that Kazakhstan depends on external demand, especially from China and Russia and is, therefore, vulnerable to oil price volatility and economic and political conditions in its key trading partners.

The public finances are relatively stable, with government debt standing at 17 percent of GDP in 2018. Following three years of consecutive budget deficits, Kazakhstan achieved a surplus in 2018, according to WELT.


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